Full text of "The National Currency Act: With Ammendments, and the Laws Relating to Taxation of National Banks ..."

See other formats

Google

This is a digital copy of a book that was preserved for generations on Hbrary shelves before it was carefully scanned by Google as part of a project

to make the world's books discoverable online.

It has survived long enough for the copyright to expire and the book to enter the public domain. A public domain book is one that was never subject

to copyright or whose legal copyright term has expired. Whether a book is in the public domain may vary country to country. Public domain books

are our gateways to the past, representing a wealth of history, culture and knowledge that's often difficult to discover.

Marks, notations and other maiginalia present in the original volume will appear in this file - a reminder of this book's long journey from the

publisher to a library and finally to you.

Usage guidelines

Google is proud to partner with libraries to digitize public domain materials and make them widely accessible. Public domain books belong to the
public and we are merely their custodians. Nevertheless, this work is expensive, so in order to keep providing this resource, we liave taken steps to
prevent abuse by commercial parties, including placing technical restrictions on automated querying.
We also ask that you:

+ Make non-commercial use of the files We designed Google Book Search for use by individuals, and we request that you use these files for
personal, non-commercial purposes.

+ Refrain fivm automated querying Do not send automated queries of any sort to Google's system: If you are conducting research on machine
translation, optical character recognition or other areas where access to a large amount of text is helpful, please contact us. We encourage the
use of public domain materials for these purposes and may be able to help.

+ Maintain attributionTht GoogXt "watermark" you see on each file is essential for informing people about this project and helping them find
additional materials through Google Book Search. Please do not remove it.

+ Keep it legal Whatever your use, remember that you are responsible for ensuring that what you are doing is legal. Do not assume that just
because we believe a book is in the public domain for users in the United States, that the work is also in the public domain for users in other
countries. Whether a book is still in copyright varies from country to country, and we can't offer guidance on whether any specific use of
any specific book is allowed. Please do not assume that a book's appearance in Google Book Search means it can be used in any manner
anywhere in the world. Copyright infringement liabili^ can be quite severe.

About Google Book Search

Google's mission is to organize the world's information and to make it universally accessible and useful. Google Book Search helps readers
discover the world's books while helping authors and publishers reach new audiences. You can search through the full text of this book on the web

at |http : //books . google . com/|

THE

7>s I

MmUl CURRENCY ACT

WITH AMENDMENTS,

AND THE

LAWS RELATING TO TAXATION OF NATIONAL BANKS.

1864-'72.

^ ■-•: UCc 6 .:ai ^.J - S- '^±i^i/,_^e/tn tr^7,c .d'

^«»*

WASHINGTON:

GOTERNMENT PRINTING OFFICE.

1872.

V^i^.(oVf.7

/ gy.1^ Oct. 2. 4f

V-

i^i/t^/y^

0^ 7/oUTx4yyvdto^^ ,

LIST

ACTS AND PORTIONS OF ACTS OF CONGRESS CONTAINED IN

THIS COMPILATION.

Pago.

Xational currency act. — An act to provide a national currency secured by a
pledgeof United States bonds, and to provide for the circulation and redemp-
tion thereof. Jnne 3, 1864 1 5

National bank circulatian. — An act to amend an act entitled " An act to provide
a national currency secured by a pledj^e of United States bonds, and to pro-
vide for the circulation and redemption thereof." March 3, 1865 33

Three per cent, temporary loan certificates. — An act to provide wa3'8 and means

for the payment of compound-interest notes. March 2, 1867 33

Tliree per cent, temporary loan certificates. — An act to provide for a further issue of
temporar}' loan certificates, for the purpose of redeeming and retiring the
remainder of the outstanding compound-interest notes. July 25, 1863 34

Notes of towns, cities, or municipal corporations. — An act to exempt wrapping-
paper, made from wood or corn-stalks, from internal-revenue tax, aud for
other purposes. March 26, 1867 34

Shares in national banks. — An act in relation to taxing shares in national banks.

February 10, 1868 35

Loans secured by national bank notes. — An act to prevent loaning money upon

United States notes. February 19, 1869 35

Beports of national hanks. — An act regulating the reports of national banking

associations. March 3, 1869 36

Certified checks. — An act in reference to certifying checks by national banks.

March 3, 1869..*. 36

Abetting misdemeanors. — An act to amend an act entitled " An act to provide a
national currency secured by a i)ledgeof United States bonds, and to provide
for the circulation and redemption thereof," approved June tliird, eighteen
hundred and sixtj'-four, hy extending certain penalties to accessories. April
6, 1869 37

Embezzlement by bank officers. — An act to declare the construction of section fifty-
five of an act entitled '' An act to provide a national currency secured by a
pledge of United. States bonds, and to pro\;ide for the circulation and re-
demption thereof," approved June three, eighteen hundred and sixty-four,
and the acts amendatory thereof, and to amend the same. July 8, 1870 37

National gold banks, temporary loan certificates and circulation, — An act to provide
for the redemption of the three per cent, temporary loan certificates, and for
an increase of national bank notes. Julj^ 12, 1870 38

Banks in liquidation. — An act to require banks going into liquidation to retire

their circulating notes. July 14, 1870 41

Leavenworth struck out from list of redemption cities. — An act to amend an act en-
titled "An act to provide a national currency secured by pledge of United
States bonds, and to provide for the circulation and redemption thereof,"
approved June third, eighteen hundred and sixty-four. March 1, 1872 41

Page.
Bank reserves. — An act for the better security of bank reserves, and to facilitate

bank clearing-house exchauges. June 8, 1872 41

Returns of profits to United States assessor. — An act to provide internal revenue to
support the Government, to pay interest on the public debt, and for other
purposes, June 30, 1884 45

State bank notes and conversion of State banks. — An act to amend an act entitled
" An act to provide interual revenue to support the Government, to pay in-
terest on the public debt, and for other purposes," approved June thirtieth,
eighteen hundred and sixty-four. March 3, 1865 45

Special tax on capital, and taxation of dividends and profits. — An act to reduce in-
ternal taxation and to amend an act entitled "An act to provide internal
revenue to support the Government, to pay interest on the public debt, and
for other purposes," approved June thirtieth, eighteen hundred and sixty-four,
and acts amendatory thereof. July 13, 1866 46

Taxation of dividends and incomes. — An act to reduce internal taxes, and for other

purposes. July 14, 1870 •. 48

Stamp taxes, and taxes erroneously assessed. — An act to reduce duties on imports,

and to reduce internal taxes, and for other purposes. June 6, 1«72 50

Manufacturers' National Bank of New York. — An act authorizing the Mainifac-

turers' National Bank of New York to change its location. July 27, 1868.. 53

City National Bank of New Orleans, and Second National Bank of Plattsliurgh, New
York. — An act authorizing certain banks named therein to change their
names. March 1, 1869 53

First National Bank of Delhi, Ne{v York. — An act authorizing the First National

Bank of Delhi, New York, to change its location. May 5, 1870 54

First National Bank of Fort Smith, Arkansas. — A resolution authorizing the First
National Bank of Fort Smith, Arkansas, to change its location and name.
July 1, 1870 54

Jersey Shore National Bank, Pennsylvania. — An act to authorize the Jersey Shore

National Bank, Pennsylvania, to change its location. December 22, 1870 55

Worcestei' County National Bank of Blackstone, Massachusetts. — An act to authorize
the Worcester County National Bank, Massachusetts, to change its location.
February 9, 1871 56

Farmers^ National Bank of Fort Edward, New York. — Joint resolution authorizing
the Farmers' National Bankof Fort Edward, New York, to change its location
and name. February 18, 1871 • 56

Worthington Nationd Bank of Cooperstown, New York. — An act to aijithorize the
Worthington National Bank of Cooperstown, New York, to change its name
and location. February 27, 1871 57

Warren National Bank of South Danvers, Massachusetts. — An act authorizing the
Warren National Bank of South Danvers, in the State of Massachusetts, to
change its name to the Warren National Bank of Peabody, Massachusetts.
March 12, 1872 17

First National Bank of Seneca, Illinois.-rkn act to change the location of the First
National Bank of Seneca, State of Illinois, to the city of Morris, Illinois.
April 5, 1872 58

First National Bank of Annapolis, Maryland. — An act authorizing the First National

Baiik of Annapolis to change its location and name^ June 7, 1872 58

NATIONAL CURRENCY ACT.

AN ACT to provide a Natioiial Ciirreucy secured bj' a pledge of United States bonds,
and to iirovide for the circulation and redemption thereof.

Be it enacted hy the Senate and House of Eepresentatlves of
the United States of America in Congress assembled^ That there currency Bureau.
shall be established in the Treasury Department a separate ** '^*'®-
bureau, which shall be charged with the execution of this
and all other laws that may be passed by Congress respect-
ing the issue and regulation of a national currency secured
by United States bonds. The chief officer of the said bureau*
shall be denominated the Comptroller of the Currency, and comptroller of tho
shall be under the general direction of the Secretary of the appofS. ^^^
Treasury, lie shall be appoiiited by the President, on the
recommendation of the Secretary- of the Treasury, by and
with the advice and consent of the Senate, and shall hold his
office for the term of live years, unless sooner removed by Term of office.
the President, upon reasons to be communicated by him to
the Senate; he shall receive an annual salary of five thousand salary.
dollars; he shall have a competent deput}^, appointed by the nia deputy,
Secretary, whose salary shall be two thousand five hundred and his salary,
dollars, and who shall possess the power and perform the {!*^^«"' ^^^ da-
duties attached by law to the office of Comptroller during a
vacancy in such office and during his absence or inability ;
he shall employ', from time to time, the necessary clerks to cierka.
discharge such duties as he shall direct, which clerks shall
be appointed and classified by the Secretary of the Treasury
in the manner now provided by law. Within fifteen da^s
from the time of notice of his appointment, the Comptroller oath and bond of
shall take and subscribe the oath of office prescribed by the ^^^^^^y^^lpilty
Constitution and laws of the United States; and he shall
give to the United States a bond in the penalty of one hun-
dred thousand dollars, with not less than two responsible
sureties, to be approved by the Secretary of the Treasury,
conditioned for the faithful discharge of the duties of his
office. The Deputy Comptroller so appointed shall also take
the oath of office prescribed by the Constitution and laws of
the United States, and shall give a like bond in the penalty
of fifty thousand dollars. The Comptroller and Deputy Their being inter-
Comptroller shall not, either directly or indirectly, be inter- foJbtdde^n.^*"^"
ested in any association issuing national currency under
the provisions of this act.

Sec. 2. And be it further enacted j That the Comptroller of geui of office.
the Currency, with the approval of the Secretary of the
Treasury-, shall devise a seal, with suitable inscriptions, for
his office, a description of which, with a certificate of ap-
proval by the Secretary of the Treasury-, shall be tiled in the
office of the Secretary of State with an impression thereof,

which shall thereupon become the seal of office of the Comp-
troller of the Currency, and the same may be renewed when

What sealed in- ncccssary. Evcry certificate, assignment, and conveyance
SrHtfevidence^ executcd by the Comptroller, in pursuance of any authority
conferred on him by law, and sealed with his seal of office,
shall be received in evidence in all places and courts what-
soever; and all copies of papers in the office of the Comp-
troller, certified by him and authenticated by the said seal,
shall in all cases be evidence equally and in like manner as

imprepsionof seal the original. Au imprcssiou of such seal directly on the
valid. paper shall be as valid as if made on wax or wafer.

Sec. 3. And be it further enacted^ That there shall be as-
signed to the Comi)troller of the Currency by the Secretary

Booms for offices, of the Trcasury suitable rooms in the Treasury building for
conducting the business of the Currency Bureau, in which
shall bg safe and secure fire-proof vaults, in which it shall

Custody of plates \yQ the dutv of the CoinT)troller to deposit and safely keep all

and archives, iiii- 't ' j.\ • x-

&c. the ])lates, not necessarily m the possession of engravers or

printers, and other valuable things belonging to his depart-
ment; and the Comptroller shall, from time to time, furnish
Furniture, &c., of the neccssary furniture, stationery, fuel, lights, and other
Bureau. propcr convenienccs for the transaction of the said busi-

ness,
u. s. bonds de- Sec. 4. And 1)6 it further enacted^ That the term ^' United
^°®^* States bonds, '^is used in this act, shall be construed to mean

all registered bonds now issued, or that may hereafter be
issued, on the faith of the United States, by the Secretary
of the Treasury in pursuance of law.
AKsociations, five ^EC. 5. And be it further enacted, That associations for
persons' may earrviug ou the business of banking mav be forined bv any
number of persons, not less in any case than ^ve, who shall
Articles of asso- ^i^tcr iuto articlcs of association, which shall specify in gen-
ciation must eral terms the object for which the association is formed,
specify. ^^^j ^^^^^ contain any other provisions not inconsistent with

the provisions of this act, which the association may see
fit to adopt for the regulation of the business of the asso-
ciation and the conduct of its affairs, which said articles
shall be signed by tlte persons uniting to form the associa-
tion, and a copy of them forwarded to the Comptroller of
the Currency, to be filed and preserved in his office.
Organization cer- Sec. 6. And be it further enacted, That the persons unit-
spw;?fy*^ ""^^Mngto form such an association shall, under their hands,
make an organization certificate, which shall specify —
Name must be ap- First. The uanic assumcd by such association, which

proved. name shall be subject to the approval of the Comptroller.

Place of buBiuess. Sccoud. The placc whcrc its operations of discount and

deposit are to be carried on, designating the State, Terri-
tory, or district, and also the particular county and city,
town or village.
Capital stock. Third. Tlic amount of its capital stock, and the number

of shares into which the same shall be divided.
Shareholders. Fourth. The uamcs and places of residence of the share-

holders, and the number of shares held by each of them.
Purpose. Fiftli. A declaration that said certificate is made to enable

such i)ersons to avail themselves of the advantages of this
act.

The said certificate shall be acknowledged before a judge Acknowledgment
of some court of record or a notary public, and such certifi- ^^'^^'
cate, with the acknowledgment thereof authenticated by the
seal of such court or notary, shall be transmitted to the
Comptroller of the Currency, who shall record and carefully
preserve the same in his office. Copies of such certificate, certified and
duly certified by the Comptroller, and authenticated by his ^^15^^^,^ ^^^p^^"'
seal of office, shall be legal and sufficient evidence in all
courts and places within the United States, or the jurisdic-
tion of the government thereof, of the existence of such
association, and of every other matter or thing which could
be proved by the production of the original certificate.

Sec. 7. And be it further enacted, That no association capital stock. (§
shall be organized under this act with a less capital than one 3^1865^ §°7.f *^''
hundred thousand dollars, nor, in a city whose population
exceeds fifty thousand persons, with a less capital than two where population
hundred thousand dollars: Provided, That banks frith a ^^^o.ooo.
capital of not less than fifty thousand dollars may, with the
approval of the Secretary of the Treasury, be organized in
iiny place the population of which does not exceed six thou- Less than 6,000.
sand inhabitants.

Sec. 8. And be it further enacted^ That every association, ^**J*Pc°e*^ate of ^^
formed pursuant to the provision of this act, shall, from ^°*^^'
the date of the execution of its organization certificate, be
a body corporate, but shall transact no business except such do business ,
as may be incidental to its organization and necessarily pre- ^^^°*
liminary, until authorized by the Comptroller of the Cur-
rency to commence the business of banking. Such associa-
tion shall have power to adopt a corporate seal, and shall corporate powers.
have succession by the name designated in its organization
certificate, for the period of twenty years from its organiza- Term of.
tion, unless sooner dissolved according to the provisions of Dissolved, how.
its articles of association, or by the act of its shareholders
owning two-thirds of its stock, or unless the franchise shall
be forfeited by a violation of vtliis act; by such name it may Forfeited, how.
make contracts, sue and be sued, complain and defend, in May sue, &c.
any court of law and equity, as fully as natural x)ersons ; it
may elect or appoint directors, and by its board of directors Elect directors.
appoint a i)resident, vice-president, cashier, and other offi- Appoint officers,
cers, define their duties, require bonds of them and fix the ^*^^-
penalty thereof, dismiss said officers or any of them at plea-
sure, and appoint others to fill their places, and exercise
under this act all such incidental powers as shall be neces- incidental pow-
sary to carry on the business of banking by discounting and ®"' ^^^'
negotiating promissory notes, drafts, bills of exchange, and
other evidences of debt ; by receiving deposits ; by buying
and selling exchange, coin and bullion ; by loaning money
on personal security ; by obtaining, issuing, and circulating
notes according to the provisions of this act; and its board
of directors shall also have power to define and regulate by By laws,
by-laws, not inconsistent with the provisions of this ^^t, ^,^^^^^^^^^jg^^^^
the manner in which its stock shall be transferred, its direct- Election of direct-
ors elected or appointed, its officers appointed, its property Appointment
transferred, its general business conducted, and all the priv- of officers.
ileges granted by this act to associations organized under ^nes!,Tc?
it shall be exercised and enjoyed ; and its usual business shall

_ , .. . been duly paid in as part of the capital of such asso-

jLv6QuCtlOil 01 CADI' *j* ai *i* 1111 lii

tai stock. ciation. And every association shall have power, by the

vote of shareholders owning two-thirds of its capital stock,

Limit, (§ 16.) to rcdiice the capital of such association to any sum not

below the amount required by this act in the formation of

securit forcircu-^^^^^^^^^^'^^* Provldecl^ That by uo such reduction shall its

lauoiu ^^^^^^^ capital be brought below the amount required by this act

Reduction to be ^^^^ ^^^ Outstanding circulation, nor shall any such reduction

approved. bc made until the amount of the proposed reduction has

been reported to the Com[)troller of the Currency and his

approval thereof obtained.

Sec. 14. And he it farther enacted, That at least fifty per

^centf l"apu^ai centum of the capital stock of every association shall be

Btocit impera- paid iu bcforc it shall be authorized to commence business;

tive

and the remainder of the cai)ital stock of such association

Instalments. shall bc paid ill instalments of at least ten per centum each

on the whole amount of the capital as frequently as one
instalment at the end of each succeeding month from the
time it shall be authorized by the Comptroller to commence

^filV^ ^^ °^'^*'' business ; and the payment of each instalment shall be cer-
tified to the Comptroller, under oath, by the i^resident or
cashier of the association.

Sec. 15. And> he it further enacted, That if any shareholder,

^ linquent^^hlre- ^^ ^^s assigDCC, shall fail to pay any instalment on the stock
holders, whcii the saiuc is required by the foregoing section to be

l)ai(l, the directors of such association may sell the stock of
such delinquent sharehokler at public auction, having given
three weeks' previous notice thereof in a newspaper pub-
lished and of general circulation in the city or county where
the association is located, and if no newspaper is published
in said city or county, then in a newspaper published near-

Termsof sale. ^^^ thcrcto, to aiiy persou who will pay the highest price

therefor, and not less than the amount then due thereon,
with the expenses of advertisement and sale; and the excess,

indefauitof sale, if any, shall bc paid to the delinquent shareholder. If no

bidder can be found who will pay for such stock the amount
due thereon to the association, and tlie cost of advertise-

'^feitedl &^.^' ^^^ Hicut aud salc, the amount previously paid shall be forfeited

to the association, and such stock shall be sold as the
directors may order, within six months from the time of

^whel*'*"^^^^*^' snch forfeiture, and if not sold it shall be canceled and

deducted from the capital stock of the association; and
if such cancelation and reduction shall reduce the capital

^^han^'i^ni^imnr ^^ ^^^ associatioii bclow the minimum of capital required
to be made up', by tliis act, tlic Capital stock shall, within thirty days from
**"* the date of such cancelation, be increased to the require-

^^^^^^^5*jpp°^"*' ments of the act; in default of which a receiver may be

appointed to close up the business of the association
according to the provisions of the fiftieth section of this
act.
Sec. 16. And he it farther enacted. That every associfi-

u.s. bondnneces- tion, after haviug complied with the provisions of this act,

preliminary to the commencement of banking business
under its provisions, and before it shall be authorized to
commence business, shall transfer and deliver to the Treas-
urer of the United States any United States registered

On 3 weeks' no-
lice.

bonds bearing interest to an amount not less than tliirty ^^"^^^^^s than,
thousand dollars nor less than one- third of the capital stock
paid in, which bonds shall be deposited with the Treasurer ^^^*^'^^''*^'^^®^-
of the United States and by him safely kept in his oflQce
until the same shall be otherwise disposed of, in pursuance
of the provisions of this act; and the Secretary of the
Treasury is hereby authorized to receive and cancel any
United States coupon bonds, and to issue iu lieu thereof ^"^P.gg^^j^Jj.^^^®^
registered bonds of like amount, bearing a like rate of in-
terest, and having the same time to run; and the deposit
of bonds shairbe, by every association, increased as its ^"(^26!)^' ^^^°'
capital may be paid up or iucreased, so that every associa-
tion shall at all times have on deposit with the Treasurer
registered United States bonds to the amount of at least
one-third of its capital stock actually paid in: Pro y ir/e^?, withdmwn, when,
That nothing in this section shall prevent an association
that may desire to reduce its capital or to close up its busi-
ness and dissolve its organization from taking up its bonds
upon returning to the Comptroller its circulating notes in
the proportion hereinafter named in this act, nor from ^§5 26, 42.)
taking up any excess of bonds beyoml one-third of its capi-
tal stock and upon which no circulating notes have been
delivered.

Sec. 17. And he it farther enacted^ That whenever a cer con^diuon^s^of
tificate shall have been transmitte(J to the Comptroller of cato ot^ auThor-
the Currency, as provided in this act, and the associjifion ^^^•
transmitting the same shall notify the Comptroller that at
least fifty per centum of its capital stock has been paid iu
as aforesaid, and that such association has complied with
all the provisions of this act as required to be complied
with before such association shall be authorized to com-v
inence the business of banking, the Comptroller shall ex- ^^a^*.^^® ^^ a3<^er-
amine into the condition of such association, ascertain
especially the amount of money paid in on account of its
capital, the name and place of residence of each of the
directors of such association, and the amount of the capital
stock of which each is the bona fide owner, and generally
whether such association has complied with all the require-
ments of this act to entitle it to engage in the business of
banking ; and shall cause to be made and attested by the ^^Jers^aid^^direft-
oaths of a majority of the directors, and by the president on.
or cashier of such as^ociati()n, a statement of all the facts
necessary to enable the Comptroller to determine whether
such association is lawfully entitled to commence the busi-
ness of banking under this act.

Sec. 18. And he it farther enacted, That if, upon a care- Grant of certifi-
ful examination of the facts so reported, and of any other ^^y^ ^^ *'*^^°^'
facts which may come to the knowledge of the Comptroller,
whether by means of a special commission appointed by special commii-
him for the purpose of inquiring into the condition of such '"°"®^*
association or otherwise, it shall appear that such associa-
tion is lawfully entitled to commence the business of bank-
ing, the Comptroller shall give to such association a cer-Formof certifi-
titicate, under his hand and otficial seal, that such association *^*^*'-
has complied with all the provisions of this act required to
be complied with before being entitled to commence the

business of hankiug under it, and tliat such association is
authorized to commence said business accordingly ; and it
shall be the duty of the association to cause said certifi-

pubiicationof. catc to bc published in some newspaper published in the

city or county where the association is located for at least
sixty days next after the issuing thereof: Provided., That
if no newspaper is published in such city or county, the
certificate shall be i)ublished in a newsi^aper published
nearest thereto.

Transfer of bonds Sec. 19. And 1)6 it further euacted. That all transfers of

United States bonds which shall be made by any associa-
tion under the provisions of this act shall be made to the

In trust, how. Treasurer of the United States in trust for the association,

with a memorandum written or printed on each bond, and
signed by the cashier or some other officer of the associa-
tion making the deposit, a receipt therefor to be given to
said association, or by the Comptroller of the Currenc.y, or
by a clerk appointed by him for that purpose, stating that
it is held in trust for the association on whose behalf such
transfer is made, and as security for the redemi)tion and
payment of any circulating notes that have been or may be

Transferof bonds delivered to sucli association. No assignment or transfer
by Treasurer. ^^ ^^^^^^ such bouds by the Trcasurcr shall be deemed valid,

or of binding force and effect, unless countersigned by the
Duty of comp- Comptroller of the Currency. It shall be the duty of the
upoT' *^'^^^' Comptroller of the Currency to keep in his ofl&ce a book in
which shall be entered the name of every association from
whose accounts such transfer of bonds is made by the
Treasurer, and the name of the jmrty to w^hom such trans-
fer is made ; and the par value of the bonds so transferred
shall be entered therein ; and it shall be the duty of the
Comptroller, immediately upon countersigning and enter-
Toadvise associa- \ug the samc, to advisc by mail the association from whose

account such transfer was made of the kind and numerical
designation of the bonds and the amount thereof so trans-
ferred.

Sec. 20. And he it further enacted., That it shall be the
To record and duty of the Comptroller of the Currency to countersign
franst^r'^^ *^^ ^"^ cutcr iu tlic book, in the manner aforesaid, every trans-
fer or assignment of any bonds held by the Treasurer pre-
Tohave access to scutcd for his signature; and the Comptroller shall have at
boSk8of"Treai^*^^^ times duriug office hours access to the books of the
urer. Treasurer, for the purpose of ascertaining the correctness

of the transfer or assignment presented to him to counter-
Treasurer to sigu ; and the Trcasurcr sluill have the like access to the
books of comp^ ^^^^^^ above nientioned, kept by the Comptroller, during
troUer. officc liours, to asccrtaiu the correctness of the entries in

the same; and the Comptroller shall also at all times have
access to the bonds on deposit with the Treasurer, to ascer
tain their amount and condition.

Sec. 21. And he it further enacted, That upon the trans

Amendment Mar. for aud dclivcry of bouds to the Treasurer, as provided in

titJr^fo/"t^hi 8 the foregoing section, the association making the same

Bection. shall be entitled to receive from the Comptroller of the

Currency circulating notes of different denominations, in

blank, registered aud countersigned as hereinafter provi-

ded, equal in amount to ninety per centum of the current Ratio of notes to
market value of the United States bonds so transfeiTed ^^^^^'
and delivered, but not exceeding ninety per centum of the
amount of said bonds at the par value thereof, if bearing
interest at a rate not less than live per centum per annuiu ;
and at no time shall the total amount of such notes, issued
to any such association, exceed the amount at such time
actually paid in of its capital stock.

S^c. 22. And he it further enacted^ That the entire amount
of notes for circulation to be issued under this act shall ^<^^^» for circuia-
not exceed three hu ndred m illions of dollars. In order to fur- see,' aisS.Tct^of
nish suitable notes for circulation, the Comptroller of the "^"l^ ^^' i^^^-
Currency is hereby authorized and required, under the di-
rection of the Secretary of the Treasury, to cause plates Famished, how.
and dies to be engraved, in the best manner, to guard
against counterfeiting and fraudulent \ilterations, and to P'^tes and dies.
have printed therefrom, and numbered, such quantity of
circulating notes, in blank, of the denominations of one
dollar, two dollars, three dollars, five dollars, ten dollars, printing.
twenty dollars, fifty dollars, one hundred dollars, five hun- Denominations.
dred dollars, and one thousand dollars, as may be required
to supply, under this act, the associations entitled to re-
ceive the same ; which notes shall express upon their fiice
that they are secured by United States bonds, deposited security to be ex-
with the Treasurer of the United States by the written or p*'^'*'*®^-
engraved signatures of the Treasurer and Eegister, and by
the imprint of the seal of the Treasury; and shall also ex-
press upon their face the promise of the association re- ai«o promise.
ceiving the same to pay on demand, attested by the signa- sisnatures attest-
tures of the president or vice-president and cashier. And '°^'
the said not(».s shall bear such devices and such other state- other safeguards.
inents, and shall be in such form, as the Secretary of the
Treasury shall, by regulation, direct: Provided j That not certain denomina-
more than one-sixth part of the notes furnished to an asso- tions limited.
ciation shall be of a less denomination than five dollars,
and that after specie payments shall be resumed no asso-
ciation shall be furnished with notes of a less denomi-
nation than five dollars.

Sec. 23. And he it further enacted^ That after any such Notes, when issu-
association shall have caused its promise to pay such notes *^^®*
on demand to be signed by the president or vice-president
and cashier thereof, in such manner as to make them oblig-
atory promissory notes, payable on demand, at its place of
business, such association is hereby authorized to issue and
circulate the same as money; and the same shall be re- Receivable at par
ceived at par in all parts of the United States in payment po'^e^^^*^'" ^^^'
of taxes, excises, public lands, and all other dues to the
United States, except for duties on imports; and also for
all salaries and other debts and demands owing by the
United States to individuals, corporations, and associations
within the United States, except interest on the public %

debt and in redemptionofthe national currency. Andnosuchp^^^ ^^^ ^^^^^
association shall issue post-notes or any other notes to cir- notes cot to be
culate as money than such as are authorized by the fore- ^*'*^®^-
going provisions of this act.

Currency, worn, Seo. 24. And be U further enacted J That it shall be the
lostVVepfaced^.^^^ty of the Comptroller of the Currency to receive worn-
how.' 'out or mutilated circulating notes issued by any such

banking association, and also, on due proof of the destruction
of any such circulating notes, to deliver in place thereof to
such association other blank circulating notes to an equal
amount. And such worn-out or mutilated notes, after a
memorandum shall have been entered in the proper books,
in accordance with such regulations as may be established
by the Comptroller, as well as all circulating notes which
To be burned, shall havc bccu paid or surrendered to be canceled, shall
Witnesses. bc bumcd to aslics in presence of four persons, one to be

Their appoint- appointed by the Secretary of the Treasury, one by the
ment. Comptroller of the Currency, one by the Treasurer of the

United States, and one by the association, under such
regulations as the Secretary of the Treasury may pre-
certificate ofscribc. And a Certificate of such burning, signed by the
burning. parties so appointed, shall be made in the books of the

Comptroller, and a duplicate thereof forwarded to the as-
sociation whose notes are thus canceled.
Sec. 25. And he it further enacted^ That it shall be the
Bonds to be exam- duty of cvcry banking association having bonds depos-
"*^ ' ited in the office of the Treasurer of the United States, once

or oftener in each fiscal year, and at such time or times
during the ordinary business hours as said officer or officers
may select, to examine and com])are the bonds so pledged
with the books of the Comptroller and the accounts of the
association, and, if found correct, to execute to the said
Certificate of it. Trcasurcr a certificate setting forth the different kinds and

the amounts thereof, nnd that the same are in the posses-
sion and custody of the Treasurer at the date of such cer-
By agent of bank, tificate. Sucli exauiiuation may be made by an officer or

agent of such association, duly appointed in writing for

that purpose, whose certificate before mentioned shall be

of like force and validity as if executed by such president

Duplicate signed or cashicr ; and a duplicate signed by the Treasurer shall

by Treasurer. ^^ retained by the association.

Sec. 26. And be it further enacted^ That the bonds trans-
Bonds heidin trust ferred to and deposited with the Treasurer of the United

for redemption cr\.. •, > \ i> •i-ii ii«

of notes. States, as hereinbetore provided, by any banking associa-

tion for the security of its circulating notes, shall be held
exclusively for that purpose, until such notes shall be re-
interest on, how dccmcd, cxccpt as providcd in this act; but the Comp-
paid. troller of the Currency shall give to any such banking asso-

ciation powers of attorney to receive and appropriate to its
own use the interest on the bonds which it shall have so
When not to be transferred to the Treasurer; but such powers shall be-
^^' * come inoperative whenever such banking association shall

Bonds deprecia- fail to redeem its circulating notes as aforesaid. Whenever
Sn|?hened!**^^^^^ market or cash value of any bonds deposited with the
' Treasurer of the United States, as aforesaid, shall be re-

duced below the amount of the circulation issued for the
same, the Comptroller of the Currency is hereb}^ author-
ized to demand and receive the amount of such deprecia-
By other u. s- tiou iu othcr United States bonds at cash value, or in
bonds, or mon. m^^gy^ fpQn^ the associatiou receiving such bills, to be de-

posited with the Treasurer of the United States as long as
such depreciation continues. And said Comptroller, upon Exchange of
the terms prescribed by the Secretary of the Treasury, may ^®°^»-
permit an exchange to be made of any of the bonds de-
posited with the Treasurer by an association for other bonds
of the United States authorized by this act to be received
as security for circulating notes, if he shall be of opinion
that such an exchange can be made without prejudice to
the United States, and he may direct the return of any of Return of bonds
said bonds to the banking association which transferred »» surrender of
the same, in sums of not le^ss than one thousand dollars, ^^^^^' proraa.
upon the surrender to him and the cancelation of a pro-
portionate amount of such circulating notes: -P^o^*^6(7, pj^st proviso.
That the remaining bonds which shall have been trans-
ferred by the banking association offering to surrender
circulating notes shall be equal to the amount required for
the circulating notes not surrendered by such banking as- (§21.)
sociation, and that the amount of bonds in the hands of
the Treasurer shall not be diminished below the amount (§ le.)
required to be kept on deposit with him by this act : A?i(Z second proviso.
provided., That there shall have been no failure by such as-
sociation to redeem its circulating notes, and no other vio-
lation by such association of the provisions of this act,
and that the market or cash value of the remaining bonds
shall not be below the amount required for the circulation
issued for the same.

Sec. 27. And he it further enacted^ That it shall be unlaw- umawfui deiiv-
ful for any officer acting under the provisions of this act to ^Zes! by"an°/
countersign or deliver to any association, or to any other officer.
company or person, any circulating notes contemplated by
this act, except as hereinbefore provided, and in accordance
with the true intent and meaning of this act. And any penalty,
officer who shall violate the provisions of this section shall
be deemed guilty of a high misdemeanor, and on conviction
thereof shall be punished by line not exceeding double theFi^^e.
amount so countersigned and delivered, and imprisonment imprisonment,
not less than one year, and not exceeding fifteen years, at the
discretion of the court in which he shall be tried.

Sec. 28. And be it further enacted, That it shall be lawful what real estate
for any such association to purchase, hold, and convey real ^^^ ^® ^®^^'
estate as follows :

First. Such as shall be necessary for its immediate accom- Piaceof business.
modation in the transaction of its business.

Second. Such as shall be mortgaged to it in good faith by Mortgaged for
way of security for debts previously contracted. previous debt.

Third. Such as shall be conveyed to it in satisfaction of conveyed, for
debts previously contracted in the course of its dealings. ' ^®^*'

Fourth. Such as it shall purchase at sales under judg- purchased, to se-
ments, decrees, or mortgages held by such association, or °"'^® ^®^*-
shall purchase to secure debts due to said association.

Such association shall not purchase or hold real estate in Not to be held
any other case or for any other purpose than as specified in otiierwise.
this section; nor shall it hold the ])ossession of any real Nor only 5 years,
estate under mortgage, or hold the title and possession of
any real estate purchased to secure any debts due to it, for
a longer period than five years.

Loans limited to §^0. 29. Aud be it further enacted. That the total liabilities

1-10 of capital. , ' J.' *^o ^ n

to any association, of any person, or of any company, cor-
poration, or firm, for money borrowed, including in the lia-
bilities of a company or firm the liabilities of the several mem-
bers thereof, shall at no time exceed one-tenth part of the
amount of the capital stock of such association actually paid
Discount on bills in I Providedj That the discount of bona fide bills of exchange
bu^^e^ri^pw drawn against actually existing values, and the discount of
excepted. comuicrcial or business paper actually owned by the person
or persons, corporation, or firm negotiating the same, shall
not be considered as money borrowed.

Sec. 30. And be it further enacted^ That every association
^"crlbed!* ^'^'may take, receive, reserve, and charge, on any loan or dis-
count made, or upon any note, bill of exchange, or other evi-
dences of debt, interest at the rate allowed by the laws of
the State or Territory where the bauk is located, and no more,
except that where by the laws of anj^ State a different rate is
xcepton. limited f©r banks of issue organized under State laws, the
rates so limited shall be allowed for associations organized in
any such State under this act. And when no rate is fixed
per cent. ^^^ ^^^ laws of the State or Territory, the bank may take,
receive, reserve, or charge a rate not exceeding seven per
centum, and such interest may betaken in advance, reckoning
the days for which the note, bill, or other evidence of debt
^^^ has to run. And the knowingly taking, receiving, reserving,

^"^^* or charging a rate of interest greater than aforesaid, shall

Forfeiture. bc held and adjudged a forfeiture of the entire interest which

the note, bill, or other evidence of debt carries with it, or

Penalty, when which has bceu agreed to be paid thereon. And in case a

usury is paid, greater rate of interest has been paid, the person or persons

paying the same, or their legal representatives, may recover

back, in any action of debt, twice the amount of the interest

thus paid, from the association taking or receiving the same :

Limitation of ac- Providedj That such action is commenced within two years

tion. from the time the usurious transaction occurred. But the

purchase, discount, or sale of a bona fide bill of exchange,

What is not usury, payable at another place than the place of such purchase,

discount, or sale, at not more than the current rate of ex-
change for sight-drafts in addition to the interest, shall
not be considered as taking or receiving a greater rate of
interest.
Sec. 31. And be it further enacted^ That every association
Legal money re- ill the citics hereinafter named shall at all times have on
iS7iAies named' ^^^^1 J" lawful moucy of the United States, an amount equal
to at least twenty-five per centum of the aggregate amount
of its notes in circulation and its deposits ; and every other
Elsewhere. (§4, associatiou sliall at all times have on hand, in lawful money
1870.) " ^ ^ ' of the United States, an amount equal to at least fifteen
per centum of the aggregate amount of its notes in circula-
tion, and of its deposits. And whenever the lawful money
Loans and diH- of any associatiou in any of the cities hereinafter named
Xnd^ no"t^o be shall bc bclow the amount of twenty-five per centum of its
S?^e ^**^beiow circulation and deposits, and whenever the lawful money of
S7ruie! ^ ^^ any other association shall be below fifteen per centum of its
circulation and deposits, such association shall not increase
^ its liabilities by making any new loans or discounts other-

wise than by discounting or purchasing bills of exchange
payable at sight, nor make any dividend of its profits until
the required proportion between the aggregate amount of its
outstanding notes of circulation and deposits and its lawful
money of the United States shall be restored: Provided^
That three-fifths of said fifteen per centum may consist of Three-fifths of 15
balances due to an association available for the redemption Sfa/be batancll
of its circulating notes from associations approved by the avai\aj>ie in ap-
Comptroller of the Currencv, organized under this act, in (acts March 2',
the cities of Saint Louis, Louisville, Chicago, Detroit, Mil- ^|%|^f "^"^^
waukee, New Orleans, Cincinnati, Cleveland, Pittsburgh, Redemption cities.
Baltimore, Philadelphia, Boston, New York, Albany, Leaven- (See act March
worth, San Francisco, and Washington City: Provided^ alsOj ^' ^®^^*^
That clearing-house certificates, representing specie or law- ^^ at ciearin^-
ful money specially deposited for the purpose of any clearing- house certifi-
bouse association, shall be deemed to be law^ful money in the ?awfui^mo^ney!
possession of any association belonging to such clearing-
house holding and owning such certificate, and shall be con-
sidered to be a part of the lawful money which such asso-
ciation is required to have under the foregoing provisions of
this section: Provided, That the cities of Charleston and Redemption cities,
Kichmond may be added to the list of cities in the national conditionally.
associations of which other associations may keep three-
fifths of their lawful money, whenever, in the opinion of the
Comptroller of the Currency, the condition of the Southern
States will wanant it. And it shall be competent for the^^ ^^^*^b nk^S
Comptroller of the Currency to notify any association whose be'notified!
lawful money reserve, as aforesaid, shall be below the amount
to be kept on hand, as aforesaid, to make good such re-
serve; and if such association shall fail for thirty days And wound up at
thereafter so to make good its reserve of lawful money of ^^^ ^^ ^® ^^^^
the United States, the Comptroller may, with the concur-
rence of the Secretary of the Treasury, appoint a receiver Receiver, how ap.
to wind up the business of such association, as provided in p®^°^«^
this act.

Sec. 32. And be it further enacted^ That each association Approved agent
organized in any of the cities named in the foregoing section ^^New York!™
shall select, subject to the approval of the Comptroller of
the Currency, an association in the city of New York at
which it will redeem its circulating notes at par. And each May keep half of
of such associations may keep one-half of its lawful money '*^*®^^*' *^®'®-
reserve in cash deposits in the city of New York. And each other banks to

... j_ • J 'j^i • A^t '1^' 1 • J.1 have redt^mption

association not organized within the cities named m the agents in cities
preceding section, shall select, subject to the approval of the '^a'^ed.
Comptroller of the Currency, an association in either of the
cities named in the preceding section, at which it will redeem
its circulating notes at par; and the Comptroller shall give Their names to be
public notice of the names of the Association so selected at p^^"*^^®^*
which redemptions are to be made by the respective asso-
ciations, and of any change that may be made of the asso-
ciation at which the notes of any association are redeemed.
If any association shall fail either to make the selection or on failure to se-
to redeem its notes as aforesaid, the Comptroller of the [edeem there. °'
Currency may, upon receiving satisfactory e^ddence thereof. Receiver appoint-
appoint a receiver, in the manner provided for in this act, ®^*
to wind up its affairs: Provided^ That nothing in this section To whid up.

Redempt'n at own shall relieve any association from its liability to redeem its
counter. circulating notes at its own counter, at par, in lawful money,

Nat. banks to re- ou demand : And provided further^ That every association
ceive notes and formed or cxistiuff under the provisions of this act shall

bills of national _ _ .». ^ ^ i ^ a ti»tj.a -j

banks at par. take and receive at par, for any debt or liability to said
association, any and all notes or bills issued by any asso-
ciation existing under and by virtue of this act.
Dividends, semi- Seo. 33. Aifid he it further enacted. That the directors of
may declare, any associatiou may, semi-annuallj^ each year, declare a
dividend of so much of the net profits of the association as
^fun^is^au melTt- ^^^y shall judgc expedient; but each association shall,
ed? *''*"^°"^" before the declaration of a dividend, carry one-tenth part of
its net profits of the preceding half year to its surplus fund
until the same shall amount to twenty per centum of its
capital stock.
(This section su- Sec. 34, And 1)6 it further enacted^ That every association
5rMar.Vi8690 ^^^^^ make to the Comptroller of the Currency a report,
according to the form which may be prescribed by him,
verified by the oath or affirmation of the president or cashier
Quarterly reports, of such associatiou, which report shall exhibit in detail and

under appropriate heads the resources and liabilities of the

association before the commencement of business on the

morning of the first Monday of the months of January,

To be sent to April, July, and October of each year, and shall transmit

Comptroller. ^^^ ^^^^ ^^ ^^^ Comptroller within five days thereafter.

And any bank failing to make and transmit such report
Penalty. shall bc subjcct to a penalty of one hundred dollars for each

day after five days that such report is delayed beyond that

Reports^ to be time. And the Comptroller shall publish abstracts of said

comptrouer. ^ rcports iu a newspaper to be designated by him for that

And b As ocia P^^P^^^j ^^ ^^^ ^^^y ^^ Washington, and the separate report
tion. ^ ^^^^^^ of each association shall be published iu a newspaper in
the place where such association is established ; or if there
be no newspaper at such place, then in a newspaper pub-
lished at the nearest place thereto, at the expense of the

Monthly reports, associatiou making such report. In addition to the quar-
terly reports required by this section, every association
shall, on the first Tuesday of each month, make to the
Comptroller of the Currency a statement, under the oath

Details of. of the prcsidcut or cashier, showing the condition of the

association making such statement, on the morning of the
day next preceding the date of such statement, in respect
to the following items and particulars, to wit: average
amount of loans and discounts, specie, and other lawful
money belonging to the association, deposits and circula-
tion. And associations in other places than those cities
named in the thirty-first section of this act shall also return
the amount due them available for the redemption of their
circulation.

Loans^ on shares Sec. 35. And he it further enacted^ That no association

stocrforbSn. shall make any loan or discount on the security of the

shares of its own capital stock, nor be the purchaser or

Purchase of holdcr of any such shares, unless such security or purchase
den'''ex^c%t'?oS^^^l be ucccssary to prevent loss upon a debt previously
secure debt, coutractcd iu good faith ; and stock so purchased or acquired

shall, within six months from the time of its purchase, be gnch to be bow,
sold or disposed of at public or private sale, in default of **oJfe|*^®' *P'
which a receiver may be appointed to close up the business
of the association, according to the provisions of this act.

Sec. 36. And be it further enacted, That no association
shall at anytime be indebted or in any way liable to an Limit of indebted-
amount exceeding the amount of its capital stock at such SonV^ associa-
time actually paid in and remaining undiminished by losses
or otherwise, except on the following accounts, that is to Exceptions.
say:

First. On account of its notes of circulation. For circulation.

Second. On account of moneys deposited with or collected For deposits or
by such association. collections.

Third.^ On account of bills of exchange or drafts drawn For wus or drafts.
against money actually on deposit to the credit of such
association, or due thereto.

Fourth. On account of liabilities to its stockholders for For dividends a«d
dividends and reserved profits. profits.

Sec. 37. And. be it further enacted j That no association
shall, either directly or indirectly, x>ledge or hypothecate Pledging circuia-
any of its notes of circulation for the purpose of procuring *»«>»«nia^f«i-
money to be paid in on its capital stock, or to be used in its use of, to increase
banking operations or otherwise; nor shall any association Juf^*^' ^°^*^*
use its circulating notes or any part thereof, in any manner
or form, to create or increase its capital stock.

Sec. 38. Atid be it further enacted^ That no association, or withdrawal
any member thereof, shall, during the time it shall continue bidden^\*§ lafr
its banking operations, withdraw, or permit to be withdrawn,
either in form of dividends or otherwise, any portion of its
capital. And if losses shall at any time have been sustained Dividends limited.
by any such association equal to or exceeding its undivided ^^^^"^
profits then on hand, no dividend shall be made; and no div-
idend shall ever be made by any association, while it shall
continue its banking operations, to an amount greater than
its net profits then on hand, deducting therefrom its losses
and bad debts. And all debts due to any association, on Bad debts defined,
which interest is past due and unpaid for a period of six
months, unless the same shall be well secured and shall be in
process of collection, shall be considered bad debts within the
meaning of this act : Provided^ That nothing in this section (§ i3.)
shall prevent the reduction of the capital stock of the asso-
ciation under the thirteenth section of this act.

Sec. 39. And be it further enacted^ That no association c'*" J " \» V **** ^^

,,, , .. •'^ , ',. , . notes below par

shall at any time pay out on loans or discounts, or m pur- forbidden.

chasing drafts or bills of exchange, or in payment of deposits,

or in any other mode pay or put in circulation the notes of

any bank or banking association which shall not, at any such

time, be receivable at par, on deposit and in payment of debts

by the association so paying out or circulating such notes ;

nor shall it knowingly pay out or put in circulation any notes

issued by any bank or banking association which at the time

of such paying out or putting in circulation is not redeeming

its circulating notes in lawful money of tlie United States.

Sec. 40. And be it further enacted^ That the president and List of sharehoid-
eashier of every such association shall cause to be kept at

ers.

Names, residences all tiines a full and correct list of the names and residences

to be kept. ^£ ^^l the Shareholders in the association, and the number of

shares held by each, in the office where its business is trans-

subject to inspect- acted; and such list shall be subject to the inspection of all

^^Mties^ *^^'***^° the shareholders and creditors of the association, and the

^ officers authorized to assess taxes under State authority,

during business hours of each day in which business may be

To be sent tol^gally trausactcdj and a copy of such list, on the first Mon-

Monda'^^^of^jui"^ ^^^ ^^ *^^^^ ^^ ^^^^ J^^-r, Verified by the oath of such presi-
on ayo u y. ^^^^ ^^ casMcr, shall be transmitted to the Comptroller of

the Currency.

Control of piat«s, Sec. 41. And be it further enacted, That the plates and spe-

dies, &c. ' cial dies to be procured by the Comptroller of the Currency

for the printing of such circulating notes shall remain under

Expenses forhis coutrol aud dircctiou, and the expenses necessarily in-

notes. curred in executing the provisions of this act respecting the

procuring of such notes, and all other expenses of the Bureau,

shall be paid out of the proceeds of the taxes or duties now

or hereafter to be assessed on the circulation, and collected

Taxes. from associatious organized under this act. And in lieu of

all existing taxes, every association shall pay to the Treas-
urer of the United States, in the months of January and July,

(Internal revenue a duty of ouc-half of ouc pcr ccutum cach half year from and

]2o,^l?/p^8e^d ^*^^^' ^^^ ^^^^ ^^y ^^ January, eighteen hundred and sixty-
juiy 1.3, 1866, four, upou th'c averagc amount of its notes in circulation, and
subsequently, p. ^ ^^^^, ^^ oncquartcr of one per centum each half year upon

the average amount of its deposits, and a duty of one-quarter
of one per centum each half year, as aforesaid, on the aver-
age amount of its capital stock beyond the amount invested

In case of default ii^ United Statcs bouds; and in case of default in the payment
of payment of thcrcof by any association, the duties aforesaid may be col-
lected in the manner provided for the collection of United
States duties of other corporations, or the Treasurer may
reserve the amount of said duties out of the interest, as it
may become due on the bonds deposited with him by such

Retams to Treaa- defaulting associatious. And it shall be the duty of each
jan^ Ind jui*^^ associatiou, within ten days from the first days of January
" ^* and July of each year, to make a return, under the oath of
its president or cashier, to the Treasurer of the United States,
in such form as he may prescribe, of the average amount of
its notes in circulation, and of the average amount of its
deposits, and of the average amount of its capital stock
beyond the amount invested in United States bonds, for the
six months next preceding said first days of January and

Default of returns. July as aforcsaid, and in default of such return, and for each

default thereof, each defaulting association shall forfeit and

Penalty. P^y to the United States the sum of two hundred dollars, to

be collected either out of the interest as it may become
due such association on the bonds deposited with the Treas-
urer, or, at his option, in the manner in which penalties are
to be collected of other corporations under the laws of the
United States; and in case of such default the amount of the
duties to be paid by such association shall be assessed upon
the amount of notes delivered to such association by the
Comptroller of the Currency, and upon the highest amount
of its deposits and capital stock, to be ascertained in such

other manner as the Treasurer may deem best: Provided^
That nothing in this act shall be construed to prevent all the state taxation.*
shares in any of the said associations, held by any person or
body corporate, from being included in the valuation of the
personal property of such person or corporation in the assess-
ment of taxes imposed by or under State authority at the
place where such bank is located, and not elsewhere, but not (Act February 9,
at a greater rate than is assessed upon other moneyed capital ]?^i'^^^,^ ^^'^
in the hands of individual citizens of such State : Provided
further J That the tax so imposed under the laws of any State state tax on na-
upon the shares of any of the associations authorized by this Kf^*iJ!?°i? ^«

*^_ Y • -1 11 . "® same as on

act shall not exceed the rate imposed upon the shares in any others.

of the banks organized under authority of the State where

such association is located : Provided^ also^ That nothing in

this act shall exempt the real estate of associations from on real estate.

either State, county, or municipal taxes to the same extent,

according to its value, as other real estate is taxei.

Sec. 42. And be it further enacted^ That any association
may go into liquidation and be closed by the vote of its share- Liquidation.
holders owning two-thirds of its stock. And whenever such
vote shall be taken, it shall be the duty of the board of
directors to cause notice of this fact to be certified, under Notice to be sent
the seal of the association, by its president or cashier, to ^ comptroller,
the Comptroller of the Currency, and publication thereof to
be made for a period of two months in a newspai)er pub- And published 2
lished in the city of New York, and also in a newspaper n^onths.
published in a city or town in which the association is
located, and if no newspaper be there published, then in
the newspaper published nearest thereto, that said associa-
tion is closing up its affairs, and notifying the holders of its
notes and other creditors to present the notes and other
claims against the association for payment. And at any After 1 year law-
time after the expiration of one year from the time of the fni money may
publication of such notice as aforesaid, the said association w^ith Treasurer.
may pay over to the Treasurer of the United States the
amount of its outstanding notes in the lawful money of the For outstanding
United States, and take up the bonds which said associa- ^nd^bonds taken
tion has on deposit with the Treasurer for the security of up.
its circulating notes; which bonds shall be assigned to theRo^^^ ^ow as-
bank in the manner specified in the nineteenth section of "gnod to uqui-
this act, and from that time the outstanding notes of said f^^^g.f ^^"^'
association shall be redeemed at the Treasury of the United Notes redeemed at
States, and the said association and the share-holders thereof ^ Jj^^'^^- ^ j
shall be discharged from all liabilities therefor. discharged.

Sec. 43. And be it further enacted^ That the Treasurer, on Treasurer to give
receiving from an association lawful money for the payment datii^^^ban^ks
and redemption of its outstanding notes, as provided for in and comptroi-
the preceding section of this act, shall execute duplicate ^^^'
receipts therefor, one to the association and the other to
the Comptroller of the Currency, stating the amount received
by him, and the purpose for which it has been received, For money paid
which amount shall be paid into the Treasury of the United ^> ^^^
States, and placed to the credit of such association upon credit to redemp-

__ ___^ tion account.

* United States certificates aud uotes not taxable by State authority.
(See The Banks vs. The Mayor, The Banks vs. The Supervisor. Sup. Ct.
Keports.)

redemption account. And it shall be the duty of the TreavS-
Duty of Treasn-urer, wheucver he shall redeem any of the notes of said
notel'^'^^^™"'^ association, to cause the same to be mutilated, and charged
to the redemption account of said association ; and all notes
Certificate of SO redeemed by the Treasurer shall, every three months, be
burning, (§24.) certified to and burned in the manner prescribed in the
twenty-fourth section of this act.
State bauks, how Seo. 44. And be it further enacted^ That any bank inoor-
ac?Marr3,'i8l50 poratcd by special law, or any banking institution organized
under a general law of any State, may, by authority ot this
act, become a national association under its provisions, by
Articles of asso- the uamc prcscribcd in its organization certificate; and in
ganization^cer-such casc, the articlcs of association and the organization
tificate. certificate required by this act may be executed by a majority

of the directors of the bank or banking institution ; and said
Authorized Certificate shall declare that the owners of two- thirds of the
sioJk!***^^^*^'*^^ capital stock have authorized the directors to make such
certificate, and to change and convert the said bank or bank-
ing institution into a national association under this act.
All other papers And u majority of the directors, after executing said articles
Jm-ttTofdur^t of association and organization certificate, shall have power
<»™- to execute all other papers, and to do whatever may be

required to make its organization perfect and complete as
Shares of State a national association. The shares of any such bank may
the^ame'^"**^ contiuuc to bc for the same amount each as they were before
said conversion, and the directors aforesaid may be the
Directors remain dircctors of the associatiou uutil othcrs are elected or ap-
unui when, pointed in accordance with the provisions of this act; and
Banks may hold auy State bank which is a stockholder in any other bank,
b^ka when!'^'^ ^^ authority of state laws, may continue to hold its stock,
although either bank, or both, may be organized under and
have accepted the provisions of this act. When the Gomp-
certificate of au- trollcr shall givc to such association a certificate, under his
thonty. hand and official seal, that the provisions of this act have

been complied with, and that it is authorized to commence
Constitutes it a the busiuess of banking under it, the association shall have

national bank m ., j«'i jiiir. i«j.j.j.i_

all respects, the samc powcrs and privileges, and shall be subject to the

same duties, responsibilities, and rules, in all respects, as

are prescribed in this act for other associations organized

under it, and shall be held and regarded as an association

Minimum capital, uudcr this acti Provided, however, That no such association

iles.r* ^" ^' shall have a less capital than the amount prescribed for

banking associations under this act.

Depositaries, Sec. 45. Afid be it further enacted, That all associations

tedbysecrmry wwdcr this act, whcu designated for that purpose by the

of Treasury. Secretary of the Treasury, shall be depositaries of public

money, except receipts from customs, under such regulations

as may be prescribed by the Secretary; and they may also

Or financial be employed as financial agents of the Government; and

agents. ^^^^^ shall pcrlorm all such reasonable duties, as depositaries

Their duties. of pubUc luoncys and financial agents of the Government, as

Security required, may bc Tcquircd of them . And the Secretary of the Treasury

shall require of the associations thus designated satisfactory
security by the deposit of United States bonds and other-
wise, for the safe keeping and prompt payment of the public
money deposited with them, and for the faithful performance

of their duties as financial agents of the Government : Pro-
vided^ That every association which shall be selected and
designated as receiver or depositary of the public money Nata currency to
shall take and receive at par all of the national currency by^^m.**^*'^
bills, by whatever association issued, which have been paid
into the Government for internal revenue, or for loans or
stocks.

Sec. 46. And he it furtlwr enacted^ That if any such asso- Protest of circuia-
ciation shall at any time fail to redeem, in the lawful money *^°^°*^*®*-
of the United States, any of its circulating notes, when pay-
ment thereof shall be lawfully demanded, during the usual
hours of business, at the office of such association, or at its
place of redemption aforesaid, the holder may cause the
same to be protested, in one package, by a notary public, Proceedings
unless the president or cashier af the association whose not^s **^®'^®*'^-
are presented for payment, or the president or cashier of the
association at the place at which they are redeemable, shall
offer to waive demand and notice of the protest, and shall, in Demand and no-
pursuance of such offer, make, sign, and deliver to the party {jow.^*^^ ^ ^'
making such demand an admission in writing, stating the
time of the demand, the amount demanded, and the fact of
the non-payment thereof; and such notary public, on making Duty of notary.
such protest, or upon receiving such admission, shall forth-
with forward such admission or notice of protest to the to forward pro-
Comptroller of the Currency, retaining a copy thereof. And {roiien ^^^"^
after such default, on examination of the facts by the Comp-
troller, and notice by him to the association, it shall not beDutyofcomptroi-
lawful for the association suffering the same to payout any AsHociationtostop
of its notes, discount any notes or bills, or otherwise prose- business.
cute the business of banking, except to receive and safely Exception.
keep money belonging to it and to deliver special deposits :
Provided^ That if satisfactory proof be produced to such Notes not to be
notary public that the payment of any such notes is restrained p'^^*®^'^'^'^^*'®**-
by order of any court of competent jurisdiction, such notary
public shall not protest the same; and when the holder of Protest fee, oniy
such notes shall cause more than one note or package to be ^^^'
protested on the same day, he shall not receive pay for more
than one protest.

Sec. 47. And he it further enacted^ That on receiving notice DutyofComptroi-
that any such association has failed to redeem any of its o^protest."^*'^^
circulating notes, as specified in the next preceding section,
the Comptroller of the Currency,with the concurrence of the
Secretary of the Treasury, may appoint a special agent, (of special agent.
whose appointment immediate notice shall be given to such
association,) who shall immediately proceed to ascertain to ascertain faii-
whether such association has refused to pay its circulating "'^®' ^'^'
notes, in the lawful money of the United States, when
demanded as aforesaid, and report to the Comptroller the to report.
facts so ascertained 5 and if, from such protest or the report
so made, the Comptroller shall be satisfied that such associa-
tion has refused to pay its circulating notes as aforesaid, and
is in default, he shall within thirty days after he shall have
received notice of such failure, declare the United States
bonds and securities pledged by such association forfeited ^or^^^i*^'® o'
to the United States,and the same shall thereupon be forfeited
accordingly. And thereupon the Comptroller shall imme-

Notice to bm-hoid.(jiately give notice, in such manner as the Secretary of the

Treasury shall, by general rules or otherwise, direct, to the
holders of the circulating notes of such association, to pre-
sent them for payment at the Treasury of the United States,
and the same shall be paid as presented in lawful money of
the United States ; whereupon said Comptroller may, in his

■^ceied™?f§4MT) discrctiou, cauccl an amount of bonds pledged by such asso-
ciation, equal at current market rates, not exeeeduig par, to
the notes paid. And it shall be lawful for the Secretary of

^deJ*med*Jio^te^8^^® Trcasury, from time to time, to make such regulations
by Secretary of respecting the dispositiou to be made of such circulating
Treasury. notcs aftei* presentation thereof for payment as aforesaid,

Evidence thereof, and rcspcctiug tlic pcrpetuatiou of the evidence of the pay-
ment thereof, as may seem to him proper ; but all such notes,

pajd notes, cancel- Qjj being paid, shall be canceled. And for any deficiency in

the proceeds of the bonds pledged by such association,w^hen

Prior lien on as- dlsposcd of as hereinafter specified, to re-imburse to the
!i^e i^s^uffickint.^ United States the amount so expended in paying the circula-
ting notes of such association, the United States shall have
a first and paramount lien upon all the assets of such asso-
ciation ; and such deficiency shall be made good out of such

Cost and expens- asscts iu preference to any and all other claims whatsoever,

es, excepted. , , , '^ «^ , r. j • • j. •

except the necessary costs and expenses of administering
the same.

^ ti!fn ^*^^^ "* ^''°* Sec. 48. And he it further enacted, That whenever the

Comptroller shall become satisfied, as in the last preceding
section specified, that any association has refused to pay its
circulating nptes as therein mentioned, he may, instead of
canceling the United States bonds pledged by such associa-
tion, as provided in the next preceding section, cause so much
of them as may be necessary to redeem the outstanding cir-
culating notes of such association to be sold at public auc-

After 30 days' no- tiou iu the city of Ncw York, after giving thirty days' notice
tice. ^j.' g^^jj g^j^ ^Q gjj^jj association.

Bonds at private ggc^. 49, j^^^ ^g it further moctedj That the Comptroller of

the Currency may, if he shall be of opinion that the interests
of the United States will be best promoted thereby-, sell at
private sale any of the bonds pledged by such association,
and receive therefor either money or the circulating notes of

c ga?e8^* * o n 8 of ^^j^q^ failing association : Provided, That no such bonds shall

be sold by private sale for less than par, nor less than the
market value thereof at the time of sale: And provided
further, That no sales of any such bonds, either public or
private, shall be complete until the transfer thereof shall have

c§ 19) been made with the formalities prescribed in this act.

J^e^cewer of closed gEC. 50. And he it further en^dcted, That on becoming satis-
fied, as specifiedin this act, that any association has refused
to pay its circulating notes as therein mentioned, and is in
default, the Comptroller of the Currency may forthwith

How appointed, appoint a reccivcr, and require of him such bond and security

as he shall deem proper, who, under the direction of the

His duties. Comptroller, shall take possession of the books, records, and

assets of every description of such association, collect all
debts, dues, and claims belonging to such association, and,
upon the order of a court of record of competent jurisdiction,
may sell or compound all bad or doubtful debts, and, on a

like order, sell all the real and personal property of such
association, on such terras as the court shall direct ; and
may,if necessary to pay the debts of such association, enforce to enforce indi-
the individual liability of the stockholders provided for by ^^i^^] l^^i^^'
the twelfth section of this act ; and such receiver shall pay to pay collections,
over all money so made to the Treasurer of the United States, ^^•' *® Treasr.
subject to the order of the Comptroller of the Currency, and
also make report to the Comptroller of the Currency of all his '^^o'^SXr **^
acts and proceedings. The Comptroller shall thereupon cause °^^^^^ ^'•
notice to be given, by advertisement in such newspapers as Notice to credit-
he may direct, for three" consecutive months, calling on all ^""^
persons who may have claims against such association to
present the same, and to make legal proof thereof. And
from time to time the Comptroller, after full provision shall Dividend to cred-
have been first made for refunding to the United States any ^***"'
such deficiency in redeeming the notes of sucji association
as is mentioned in this act, shall make a ratable dividend
of the money so paid over to him by such receiver on all such
claims as may have been proved to his satisfaction or adjudi- on proved claims.
cat^d in a court of competent jurisdiction ; and from time to
time, as the proceeds of the assets of such association shall ^^^^^ dividends.
be paid over to him, he shall make further dividends, as
aforesaid, on all claims previously proved or adjudicated ; ^^^l'^^^ ^^ ^^^'
and the remainder of such proceeds, if any, shall be paid
over to the shareholders of such association, or their legal
representatives, in proportion to the stock by them respect-
ively held: Provided^ however ^ That if such association
against which proceedings have been so instituted, on u. s. court may
account of any alleged refusal to redeem its circulating ®°^**^"*
notes as aforesaid, shall deny having failed to do so, such
association may, at any time within ten days after such within lo days.
association shall have been notified of the appointment of
an agent, as provided in this act, apply to the nearest cir- what courts.
cuit, or district or territorial court of the United States, to
enjoin further preceedings in the premises ; and such court, to cite comptroi-
after citing the Comptroller of the Currency to show cause ^^''
why fnrther proceedings should not be enjoined, and after
the decision of the court or finding of a jury that such as-
sociation has not refused to redeem its circulating notes,
when legally presented, in the lawful money of the United ^"J^°^gJ*^^i ™**^®
States, shall make an order enjoining the Comptroller, and ^^^^^
any receiver acting under his direction, from all further
proceedings on account of such alleged refusal.

Sec. 51. And be it further enacted, That all fees for pro-^^^^'^^^^^^^^'p^l'^^
testing the notes issued by any such banking association how.
shall be paid by the person i)rocuring the protest to be made,
and such banking association shall be liable therefor; but
no part of the bonds pledged by such banking association, ^o^^^^^^J^jppu-

as aforesaid, shall be applied to the payment of such fees.
And all expenses of any preliminary or other examinations Examinat'ns to be
into the condition of any association shall be paid by such P^'^^^y^*'^^*^-
association ; and all expenses of any receivership shall be Receivership paid
paid out of the assets of such association before distribu-
tion of the proceeds thereof.

Sec. 52. And be it further enacted, That all transfer of the ^^J^^gr^^j^^^^^^^
notes, bonds, bills of exchange, and other evidences -of debt

owing to any association, or of deposits to its credit; all
assignments of mortgages, sureties on real estate, or of
judgments or decrees in its favor; all deposits of money,
bullion, or other valuable thing for its use, or for the use of
any of its shareholders or creditors ; and all payments of
money to either, made after the commission of an act of
insolvency, or in contemplation thereof, with a view to pre-
vent the application of its assets in the manner prescribed

No preferred cred- by this act, or With a vicw to the preference of one creditor
note-holders, to anotbcr, cxccpt lu payment of its circulating notes, shall
be utterly null and void.

Malfeasance of di- Sec. 53. And be it further enacted, That if the directors of
rectors. ^^^j associatiou shall knowingly violate, or knowingly per-

mit any of the offtcers, agents, or servants of the associa-
tion to violate any of the provisions of this act, all the

Forfeit rights, rights, privilpgcs, and franchises of the association derived

fr"ncS ofTs*^ from tMs act shall be thereby forfeited. Such violation

Hociation. shall, howevcr, be determined and adjudged by a proper

circuit, district, or territorial court of the United States, in

How ascertained, a suit brought for that purposc by the Comptroller of the

Currency, in his own name, before the association shall be
declared" dissolved. And in cases of such violation, every

Penalty to direct- dircctor who participated in or assented to the same shall

®"' be held liable in his personal and individual capacity for all

damages which the association, its shareholders, or any

other person, shall have sustained in consequence of such

violation.

Examiners or vis- Sec. 54. And be it further enactedj That the Comptroller

Iters. ^£ ^^^ Currency, with the approbation of the Secretary of

the Treasury, as often as shall be deemed necessary or

Duty. proper, shall appoint a suitable person or persons to make

an examination of the affairs of every banking association,

Qnaiiflcations. w^hich pcrsou shall not be a director or other offtcer in any

association whose affairs he shall be appointed to examine.

Powers. and who sball have power to make a thorough examination

into all the affairs of the association, and, in doing so, to
examine any of the officers and agents thereof on oath ; and

To report. shall make a full and detailed report of the condition of the

Associations sub- associatiou to the Comptroller. And the associatiou shall

itaiiins^^*^^"^^^ be subject to any other visitorial powers than such as

are authorized by this act, except such as are vested in the

several courts of law and chancery. And every person

appointed to make such examination shall receive for his

Per diem- scrviccs at the rate of five dollars for each day by him em-

Miieage. ploycd in sucli examination, and two dollars for every

twenty-five miles he shall necessarily travel in the perform-
ance of his duty, which shall be paid by the association by
him examined.

Misdemeanor of • Sec. 55. And be it furtlicr enacted, That every president,
A^rii^'e/^seo! ^^^^^^^^' cashier, teller, clerk, or agent of any association,
July 8, i'87o.) ' who shall embezzle, abstract, or willfully misapply any of

Embezzlement, the moucys, fuuds, or crcdits of the association, or shall,

Unlawful issues, without authority from the directors, issue or put in circu-
^^- lation any of the notes of the association, or shall, without

Unauthorized as- such authority, issuc or put forth any certificate of deposit,
Bignments. &c. ^j^aw any ordcr or bill of exchange, make any acceptance,

assign any note, bond, draft, bill of exchange, mortgage,

judgment, or decree, or shall make any false entry in anyFaia* entries, re-

11 I J. j^x»j_i 'J.' • i_i_ 'J. A- ports, st&tem ts,

book, report, or statement of the assocmtion, with intent, with fraudulent
in either case, to injure or defraud the association or any ^•^*®^*-
other company, body politic or corporate, or any individual
person, or to deceive any officer of the association, or any
agent appointed to examine the affairs of any such associ-
ation, shall be deemed guilty of a misdemeanor, and upon
conviction thereof shall be punished by imprisonment not Penalty,
less than five nor more than ten years. imprisonment

Sec. 56. And be it further enacted, That all suits and pro-u.s. Dist. Attor-
ceedings arising out of the provisions of this act, in which Tuit, Ac^when
the United States or its officers or agents shall be parties, u. I^^jtes^j"' ^J^»
shall be conducted by the district attorneys of the several ties.
districts, under the direction and supervision of the Solici-
tor of the Treasury.

Sec. 57. And be it further enacted. Thatsuits,actions, andJ^rUdiction

-.. .1 . ,: -x A • J. insults against

proceedings, against any association under this act, may aasociauons.
be had in any circuit, district, or territorial court of the
United States held within the district in which such asso-
ciation may be established ; or in any State, county, or
municipal court in the county or city in which said associ-
ation is located, having jurisdiction in similar cases: Pro- to enjoin oomp-
videdj however, That all proceedings to enjoin the Comptrol- *'**'"®''
ler under this act shall be had in a circuit, district, or
territorial court of the United States, held in the district
in which the association is located. '

Sec. 58. And be it further enacted, That every person whoMutiiatkm of ray
shall mutilate, cut, deface, disfigure, or perforate with holes, fsrued^bV asso-
or shall unite or cement together, or do any other thing to "a^i<^^»-
any bank bill, draft, note, or other evidence of debt, issued
by any such association, or shall cause or procure the same
to be done, with intent to render such bank bill, draft, note,
or other evidence of debt unfit to be re-issued by said a»so-
ciation, shall, upon conviction, forfeit fifty dollars to the Penalty,
association who shall be injured thereby, to be recovered
by action in any court having jurisdiction.

Sec. 59. And be it further enacted, That if any person shall ^?^fti7'no?^8°&c'
falsely make, forge, or counterfeit, or cause or procure to be ** ^°^°° ^^'
made, forged, or counterfeited, or willingly aid or assist in Assisting,
falsely making, forging, or counterfeiting, any note in imita-
tion of, or purporting to be in imitation of, the circulating
notes issued under the provisions of this act, or shall pass, Passing, uttering
utter, or publish, or attempt to pass, utter, or publish, any ^"^^'^^^^^y-
false, forged, or counterfeited note, purporting to be issued
by any association doing a banking business under the pro-
visions of this act, knowing the same to be falsely made,
forged, or counterfeited, or shall falsely alter, or cause or Altering, assisting
procure to be falsely altered, or willingly aid or assist in
falsely altering, any such circulating notes, issued as afore-
said, or shall pass, utter, or publish, or attempt to pass, ^^'' "**®''^'*^' ^'^^
utter, or publish, as true, any falsely altered or spurious cir-
culating notes issued, or purporting to have been issued, as
aforesaid, knowing the same to be falsely altered or spurious,
every such person shall be deemed and adjudged guilty of
felony, and being thereof convicted by due course of law, Penalty.

Imprisonment and shall be Sentenced to be imprisoned and. kept at hard labor
^^®* for a period of not less than live years nor more than fif-

teen years, and fined in a sum not exceeding one thousand
dollars.
Making, procur- Sec. 60. Afid he it further enacted^ That if any person shall
fafsepiates^dirs! make or engrave, or cause or procure to be made or engraved,
Senuntent*'^^ ^^ shall havc iu his custody or possession any plate, die, or
block after the similitude of any plate, die, or block from
which any circulating notes issued as aforesaid shall have
been prepared or printed, with intent to use such plate, die,
or block, or cause or suffer the same to be used, in forging
or counterfeiting any of the notes issued as aforesaid, or shall
Having false have iu his custody or possession any blank note or notes
f ?au du i^n^^^^^^v^^ ^^^ printed after the similitude of any notes issued
intent. as aforcsaid, with intent to use such blanks, or cause or

suffer the same to be used, in forging or counterfeiting any
of the notes issued as aforesaid, or shall have in his custody
Having paper snit- or posscssiou fluy paper adapted to the making of such notes,
able, &c. ^jj^ similar to the paper upon which any such notes shall
have been issued, with intent to use such paper, or cause or
suffer the same to be used, in forging. or counterfeiting any
of the notes issued as aforesaid, every such person, being
thereof convicted by due course of law, shall be sentenced
to be imprisoned and kept at hard labor for a term not less
Imprisonment and than flvc or morc than fifteen years, and fined in a sum not

^'^®* exceeding one thousand dollars.

Annual report of Sec. 61. And he it further enacted^ That it shall be the

fhTcuwency.**^<lut;y ^^ the OomptroUer of the Currency to report annually

to Congress at the commencement of its session :

Subjects thereof. First. A Summary of the state and condition of every

Condition of every associatiou from whom reports have been received the pre-

association. ecdiug year, at the several dates to which such reports refer,

with an abstract of the whole amount of banking capital

ret-trned by them, of the whole amount of their debts and

liabilities, the amount of circulating notes outstanding, and

the total amount of means and resources, specifying the

amount of lawful money held by them at the times of their

several returns, and such other information in relation to

said associations as, in his judgment, may be useful.

Closed asBocia. Sccoud. A Statement of the associations whose business

tions. jjg^g been closed during the year, with the amount of their

circulation redeemed and the amount outstanding.

Amendments. Third. Any amendment to the laws relative to banking

by which the system may be improved, and the security of

the holders of its notes and other creditors may be increased.

Names, compensa- Fourth. Tlic uamcs and compensation of the clerks em-

andexpenses^of ployed by him, and the whole amount of the expenses of

^^^Y°^<*epart-the banking department during the year. And such report

Time°to report, shall bc made by or before the first day of December in each

Copies to be print- year, and the usual number of copies for the use of the

^- Senate and House, and one thousand copies for the use of

the department, shall be printed by the public printer and

in readiness for distribution at the first meeting of Congress.

Act of Febr'y 25, Sec. 62. And he it further miacted^ That the act entitled

1863, repealed, uj^^ ^^^ ^^ providc a national currency secured by a pledge

of United States stocks, and to provide for the circulation

and redemption thereof," approved February twenty-fifth,
eighteen hundred and sixty-three, is hereby repealed : Pro-
Tided^ That such repeal shall not affect any appointments Retaining certain
made, acts done, or proceedings had, or the organization, leglil^duuTa!
acts, or proceedings of any association organized or in the liabuitiea, and
process of organization under the act aforesaid: And pro- ^^^«^^^^^'
vided^ also^ That all such associations so organized or in
process of organization shall enjoy all the rights and privi-
leges granted, and be subject to all the duties, liabilities, and
restrictions imposed by this act, and with the approval of
the Comptroller of the Currency, in lieu of the name specified Name changed on
in their respective organization certificates, may take any tions!^ condi-
other name preferred by them and duly certified to the
Comptroller, without prejudice to any right acquired under
this act, or under the act hereby repealed ; but no such
change shall be made after six months from the passage of witMn 6 months.
this act: Provided^ also, That the circulation issued or to be circulation of re-
issued by such association shall be considered as a part of ,°**?.i? ^*^^

xi_ • 1 X' • 1 J ^ • XI • J. identified.

the circulation provided for in this act.

Sec. 63. And be it further enacted, That persons holding what holders of
stock as executors, administrators, guardians, and trustees, f^^^^ ^uabie^'
shall not be personally subject to any liabilities as stock- ^^^ ^ ^
holders; but the estates and funds in their hands shall be
liable in like manner, and to the same extent as the testator. But the trust is lia-
intestate, ward, or person interested in said trust funds ^i®-
would be if they were respectively living and competent to
act and hold the stock in their own names.

Sec. 64. And be it further enacted. That Congress may at Right of congress
any time amend, alter, or repeal this act. peX^^^ ^ '^

Approved June 3, 1864.

AMENDMENTS

AND

ADDITIONAL ACTS,

1865-'72.

AMENDMENTS AND ADDITIONAL ACTS, 1865-72.

AN ACT to amend an act entitled " An act to provide a national cur-
rency secured by pledge of United States bonds, and to provide for the
circulation and redemption thereof."

Be it enacted by the Senate and House of Representatives o/Amend'tofsec. 21
The United States of America in Congress assembled, That sec- J"^ ^S°Lg? ^ *•
tiou twenty -one of said act be so amended that said section ^"^ '
shall read as follows :

Sec. 21. And be it further enacted, That upon the transfer circulating notes,
and delivery of bonds to the Treasurer as provided in the oe?v°^* to re-
foregoing section, the association making the same shall be
entitled to receive from the Comptroller of the Currency cir-
culating notes of different denomination, in blank, regis-
tered and. countersigned as hereinafter provided, equal in
amount to ninety per centum of the current market value of in what ratio to
the United States bonds so transferred and delivered, but ^^^^^'
not exceeding ninety per centum of the amount of said
bonds at the par value thereof, if bearing interest at a rate
not less than five per centum per annum ; and the amount
of such circulating notes to be furnished each association in what ratio to
shall be in proportion to its paid-up capital, as follows, and °*p'*^-
no more : To each association whose capital shall not ex-
ceed five hundred thousand dollars, ninety per centum of 90 per cent, on
such capital; to each association whose capital exceeds five ^0.000, or lesH.
hundred thousand dollars, but does not exceed one million
dollars, eighty per centum of such capital; to each associa-8o per cent, on
tion whose capital exceeds one million dollars, but does not |?5o,ooo^ t^ $1,-
exceed three millions of dollars, seventy-five per centum of 000,600.
such capital; to each association whose capital exceeds ^^ca^pit^afover
three millions of dollars, sixty per centum of such capital. I^'^'JJJ * ^
And that one hundred and fifty millions of dollars of theeo per 'cent, on
entire amount of circulating notes authorized to be issued |3^5)o*ooo. ^"^^^
shall be apportioned to associations in the States, in the ^i5o;ooo,'ooo* a p -
District of Columbia, and in the Territories, according to popuiauSn.** *^'
representative population, and the remainder shall be appor- $150,000,000 a p -
tioned by the Secretary of the Treasury among associa- portioned by
tions formed in the several States, in the District of Colum- uT/at Se-
bia, and in the Territories, having due regard to the exist- *^®"-
ing banking capital, resource, and business of such State,
District, and Territory.

Approved, March 3, 1865.

AN ACT to provide ways and means for the payment 01 compound-
interest notes.

Be it enacted by the Senate and Rouse of Representatives of ^®e"^not° a to*be
the United States of America in Congress assembled^ That for retired.

3no

the purpose of redeeming and retiring any compound-interest
notes outstanding, the Secretary of the Treasury is hereby

Temporary loan authorized and directed to issue temporary loan certificates

in the manner prescribed by section four of the act entitled
"An act to authorize the issue of United States notes and
for the redemption or funding thereof, and for funding the
floating debt of the United States," approved February

Interest, rate of. twenty-fifth, eighteen hundred and sixty-two; bearing in-
terest at a rate not exceeding three per centum i)er annum,

^^»nd in "awful P^^^^^P^^ ^^^ interest payable in lawful money on demand ;
money. and sald certificates of temporary loan may constitute and

^part^of reserve! b^ held, by auy uatioual bank holding or owning the same,
(§§ 31, 32.) as a part of the reserve provided for in sections thirty-one
and thirty-two of the act entitled "An act to provide a
national currency, secured by a pledge of United States
bonds, and to provide for the circulation and redemption
thereof," approved June three, eighteen hundred and sixty-

Two-fifths of re- four : Provided^ That not less than two-fifths of the entire

lawful Soney?^ I'^serve of such bank shall consist of lawful money of the

United States : And provided further^ That the amount of

Am% 150,000,000. such temporary certificates, at any time outstanding, shall
not exceed fifty millions of dollars.
Approved, March 2, 1867.

AN ACT to provide for a further issue of temporary loan certificates, for
the purpose of redeeming and retiring the remainder of the outstand-
ing compound-interest notes.

^*e?t^ no°te to IS ^^ ^^ enactcd hy the Senate and House of Representatives of

retired.^* ^ tJie United States of America in Congress assembled^ That for

the sole purpose of redeeming and retiring the remainder of

the compound-interest notes outstanding, the Secretary of

the Treasury is hereby authorized and directed to issue au

^cTruflTIujg ^^^^ additional amount of temporary loan certificates, not ex-

Am't, $25,000,000. ceeding twenty-five millions of dollars; said certificates to

Interest, rate of. bear iutcrcst at the rate of three per centum per annum,

Payable on de- principal and interest payable in lawful money on demand,

fS?^only. ^^' ^^^ ^^ ^^ similar in all respects to the certificates authorized

by the act entitled "An act to provide ways and means for

the payment of compound-interest notes,'' approved March

second, eighteen hundred and sixty-seven ; and the said

certificates may constitute and be held by any national

Maybeheidasre-ijauk holding or owuiug tlic Same as a part of the reserve.

Mar. 2, 1867. iu accordaucc with the provisions of the above-mentioned

act of March second, eighteen hundred and sixty-seven.

Approved, July 25, 1868.

AN ACT to exempt wrapping-paper made from wood or corn-stalks, from

internal tax, and for other purposes.

* # « * «

^®tS bfprfd ^y Sec. 2. And be it further enacted^ That every national
banks, &c. banking association, State bank, or banker, or association,
cuiea, &a,%a?d shall pay a tax of ten per centum on the amount of notes
ter £^*^*"l'867 ^^ ^^^ towu, city, or municipal corporation, paid out by

them after tlie first day of May, anno Domini eighteen
hundred and sixty-seven, to be collected in the mode and
manner in which the tax on the notes of State banks is
collected.
Approved, March 26, 1867.

AN ACT in relation to taxing shares in national banks.

Be it enacted hy the Senate and House of Representatives oj
the United States of America in Congress assembled^ That the
words " place where the bank is located, and not elsewhere," Place where tax-
in section forty-one of the " Act to provide a national cur- *^^®' ^^^^'^
rency," approved June third, eighteen hundred and sixty-
four, shall be construed and held to mean, the State within
which the bank is located ; and the legislature of each state state to direct the
may determine and direct the manner and place of taxing Sg" witwn *the
all the shares of national banks located within said State, ,§ ^^^x®-
subject to the restriction that the taxation shall not be at a
greater rate than is assessed upon any other moneyed capi-
tal in the hands of individual citizens of such State : And
provided always. That the shares of any national bank
owned by non-residents of any State shall be taxed in the Tax on non-resi-
city or town where said bank is located, and not elsewhere. f«^* sharehoid-

Approved, February 10, 1868.

erg.

AN ACT to prevent loaning money upon United States notes.

Be it enacted by the Senate and House of Representatives
of the United States of America in Congress assembled^ That
no national banking association shall hereafter offer or offering, receiv-
receive United States notes or national bank notes as se- cu^to^dy'^of u s*^
curity or as collateral security for any loan of money, or for or n. b. notes
a consideration shall agree to withhold the same from use, fat'r*Sl-^tJ'p?i.'
or shall offer or receive the custody or promise of custody ^^nt use of, un-
of such notes as security, or as collateral security, or con- *^ ^ *
sideration for any loan of money 5 and any national bank- Penalty to bank,
ing association offending against the provisions of this act misdemeanor. '
shall be deemed guilty of a misdemeanor, and upon convic-
tion thereof in any United States court having jurisdiction,
shall be punished by a fine not exceeding one thousand And fine.
dollars, and by a further sum equal to one-third of the
money so loaned ; and the officer or officers of said bank penalty to offlcerB,
who shall make such loan or loans shall be liable for a ^°®-
further sum equal to one-quarter of the money so loaned;
and the prosecution of such offenders shall be commenced prosecution, how
and conducted as provided for the punishment of offenses ^^^^^ucted.
in " An act to provide a national currency," approved June (§§ 56, 57.)
third, eighteeti hundred and sixty-four, and the fine or pen-
alty so recovered shall be for the benefit of the party bring- For whose bene-
ing such suit. ' ^^*

Approved, February 19, 1869.

AN ACT regulating the reports of national banking associations.

Be it enacted hy the Senate and House of Representatives of
the United States of America in Congress assembled^ That in

(§34.) YiQu of all reports required by section thirty-four of the

national currency act, every association shall make to the

^than fiv^* **^^ Comptroller of the Currency not less than five reports during

Form" aiTd'verifi- each and every year, according to the form which may be
cation of. prescribed by him, verified by the oath or affirmation of the

Attestation. president or cashier of such association, and attested by the

signature of, at least, three of the directors; which refort

Details of report, shall exhibit, in detail and under appropriate heads, the

resources and liabilities of the association at the close of
business on any past day to be by him specified, and shall

Must be sent in transmit such report to the Comptroller within five days

five days. after the receipt, of a request or requisition therefor from

him ; and the report of each association above required, in

the same form in which it is made to the Comptroller, shall

Publication. }qq published in a newspaper published in the place where

such association is established, or if there be no newspaper
in the place, then in the one published nearest thereto in the
same county, at the expense of the association ; and such

Andproof of it. proof of publication shall be furnished as may be required

by the Comptroller. And the Comptroller shall have power

Special reports, to Call for spccial rcports from any particular association

whenever, in his judgment, the same shall be necessary in
order to a full and complete knowledge of its condition.

Fme for default, j^^^ associatiou failing to make and transmit any such report
shall be subject to a penalty of one hundred dollars for each
day after five days that such bank shall delay to make and
transmit any report as aforesaid ; and in case any associa-
tion shall delay or refuse to pay the penalty herein imposed

May be deducted ^hcu the samc shall bc asscsscd by the Comptroller of the

from interest on Cun^cncy, the amouut of such penalty may be retained bv

on bonds. ^^^ Treasurer of the United States, upon the order of the

Comptroller of the Currency, out of the interest, as it may

become due to the association, on the bonds deposited with

him to secure circulation ; and all sums of money collected

* into Trec^ui^.^'* for penalties under this section shall be paid into the Treas-
ury of the United States.

Report of divi- SECTION 2. And he it further enacted^ That in addition to
ear^gs."* ^^^ Said rcports, each national banking association shall report
to the Comptroller of the Currency the amount of each divi-
dend declared by said association, and the amount of net
earnings in excess of said dividends, which report shall be

To bo made i^n 10 made withiu ten days after the declaration of each dividend,

ays on oa . ^^^ attcstcd by the oath of the president or cashier of said

association, and a failure to comply with the provisions of

Penalty, fine. tMs scctiou shall subjcct such associatiou to the penalties

provided in the foregoing section.
Approved, March 3, 1869.

AN ACT in reference to certifying checks by national banks.

■

Be it enacted hy the Senate and House of Representatives of
the United States of America in Congress assemhled^ That it
shall be unlawful for any officer, clerk or agent of any

national bank, to certify any check drawn upon said bank, check* not to be

1.^ ^ • •1111111 C6rtlu6(l Bxcopt

unless the person or company drawing said check shall have on deposit of

on deposit in said bank, at the time such check is certified, ^^^^y-

an amount of money equal to the amount specified in such

check, and any check so certified by duly authorized officers

shall be a good and valid obligation against such bank; and vaiid check.

any officer, clerk or agent of any national bank violating

the provisions of this act shall subject such bank to the penalty.

liabilities and proceedings on the part of the Comptroller to be placed in

as provided for in section fifty of the national banking ^eiver%?5oV

law, approved June third, eighteen hundred and sixty- *^^*^^''

four.

Approved, March 3, 1869.

AN ACT to amend an act entitled " An act to provide a national cur-
rency secured by a pledge of United States bonds, and to provide for
the circulation and redemption thereof,*' approved June third,
eighteen hundred and sixty-four, by extending certain penalties to
accessories.

Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembledj That
every person who shall aid or abet any officer or agent of^^^^^^^^f^^l\
any association in doing any of the acts enumerated in meanor, (§55.)
section fifty-five of an act entitled " An act to provide a
national currency secured by a pledge of United States
bonds, and to provide for the circulation and redemption
thereof," approved June third, eighteen hundred and sixty- Penalty, imprig-
four, with intent to defraud or deceive, shall be liable to aSe^cTssf ^**
the same punishment therein provided for the principal.

Approved, April 6, 1869.

AN ACT to declare the construction of section fifty-five of an act enti-
tled ** An act to provide a national currency secured by a pledge of
United States bonds and to provide for the circulation and redemp-
tion thereof," approved June three, eighteen hundred and sixty-four,
and the acts amendatory thereof, and to amend the same.

Beit enacted by the Senate and Souse of Representatives ^^^^^^^^^^^ ^^

OlTlC © r H' ■ C O II*

of the United States of America in Congress assembled^ That struction of sec-
section fifty-five of the act entitled "An act to provide a* JJoSai^ currency
national currency secured by a pledge of United States act.
bonds, and to provide for the circulation and redemption
thereof," approved June three, eighteen hundred and sixty-
four, and all acts amendatory of said section shall be con-
strued to apply to every president, director, cashier, teller,
clerk, or agent of any banking association, whether organ-
ized under the aforesaid act or under the act entitled " An
act to provide a national currency secured by a pledge of
United States bonds, and to provide for the circulation and
redemption thereof," approved February twenty-five, eigh-
teen hundred and sixty-three.

Approved, July 8, 1870.

AN ACT to provide for the redemption of the three per cent, temporary
loan certificates, and for an increase of national bank notes.

Be it enacted by the Senate and Home of Representatives
A d d i t i o n a 1 o/" f ^e United States of America in Congress assembled^ That
au't'hVrVz « d^ fiftj-four millions of dollars in notes for circulation may be
(«54,ooo.ooo.) issued to national banking associations in addition to the
three hundred millions of dollars authorized by the twenty-
second section of the "Act to provide a national currency
secured by a pledge of United States bonds, and to pro-
vide for the circulation and redemption thereof,'' approved
June three, eighteen hundred and sixty -four; and the
How to be dig- amount of notes so provided shall be furnished to banking
tributed. associations organized or to be organized in those States
and Territories having less than their proportion under the
apportionment contemplated by the provisions of the "Act
to amend an act to provide a national currency secured by
a pledge of United States bonds, and to provide for the cir-
culation and redemption thereof," approved March three,
Bonds deposited, eighteen hundred and sixty five, and the bonds deposited
description of. ^.^^ ^^^ Trcasurcr of the United States, to secure the addi-
tional circulating notes herein authorized, shall be of any
description of bonds of the United States bearing interest
Apportionment to in coiu, but a ncw apportionment of the increased circula-
cens^of*i87o°tion herein provided for shall be made as soon as practica-
ble, based upon the census of eighteen hundred and sev-
enty: Provided^ That if applications for the circulation
herein authorized shall not be made within one year after
the passage of this act, by banking associations organized
or to be organized in States having less than their propor-
tion, it shall be lawful for the Comptroller of the Currency
to issue such circulation to banking associations applying
for the same In other States or Territories having less
than their proportion, giving the preference to such as have
Circulation of no thc grcatcst deficiency : Arid provided further ^ That no bank-
ce^dwooo!* ing association hereafter organized shall have a circulation
in excess of five hundred thousand dollars.
Comptroller to re- Sec. 2. And bc it further enacted. That at the end of each
drcuia??on\''o mouth after the passage of this act it shall be the duty of the
monthi ® * ^ ' ^ Comptroller of the Currency to report to the Secretary of the
°*o^ y- Treasury the amount of circulating notes issued, under the
provisions of the preceding section, to national banking asso-
, ciations during the previous month ; whereupon the Secre-
tary of the Treasury shall redeem and cancel an amount of
Three per cent, the thrcc per ccutum temporary loan certificates issued un-
?edefme*d*and^®r *^^ ^^^^ ^^ March 2, eighteen hundred and sixty-seven,
canceled. and July twcuty-fivc, eighteen hundred and sixty-eight,
not less than the amount of circulating notes so reported,
and may, if necessary, in order to procure the presentation
of such temporary loan certificates for redemption, give
Notice to holders uoticc to the holdcrs thereof, by publication or otherwise,
?ent^ce?t?fi^^^^* ccrtaiu of Said certificates, (which shall be designated
cates. by number, date, and amount,) shall cease to bear interest

from and after a day to be designated in such notice, and
that the certificates so designated shall no longer be avail-
able as any i)ortion of the lawful money reserve in posses-

sion of any national banking association, and after the day
designated in such notice no interest vshall be paid on such
certificates, and they shall not thereafter be counted as a
part of the reserve of any banking association.

Sec. 3. And he it further enacted^ That upon the deposit National banks
of any United States bonds, bearing interest payable in gue^'^ciwuiation
gold, with the Treasurer of the United States, in the man- redeemable in
ner prescribed in the nineteenth and twentieth sections of ^^^^ ^***°*
the national currency act, it shall be lawful for the ConiJ)-
troller of the Currency to issue to the association making
the same circulating notes of different denominations not
less than five dollars, not exceeding in amount eighty per Denomination of
centum of the par value of the bonds deposited, which S?Brmetobond8
notes shall bear upon their face the promise of the ansocia- deposited.
tion to which they are issued to pay them, upon presenta-
tion at the office of the association, in gold coin of the Uni-
ted States, and shall be redeemable upon such presentation ^^g„"iJ\y^^g^®[
in such coin : Provided ^ That no banking association organ- to exceed one
ized under this section shall have a circulation in excess of SS,^**^ ^^ ^^^"
one million of dollars.

Sec. 4. And he it further enacted^ That every national Reserve for circu-
banking association formed under the provisions of the pre- ^^^"^
ceding section of this act shall at all times keep on hand
not less than twenty-five per centum of its outstanding cir-
culation in gold or silver coin of the United States, and ^^^J^^^^^^^^^^^^J
shall receive at par in the payment of debts the gold notes section 3 of this
of every other such banking association which at the time paVthrnot^esof
of such payments shall be redeeming its circulating notes other iike aa-
in gold coin of the United States. socmtions.

Sec. 5. And he it further enacted^ That every association Banks issuing
organized for the purpose of issuing gold notes as provided Sfelu goM^cX"
in this act shall be subject to all the requirements and pro- subject to pro-
visions of the national currency act, except the first clause tio3\urrency
of section twenty-two, which limits the circulation of na- ^^J^^ Excep-
tional banking associations to three hundred millions of
dollars ; the first clause of section thirty-two, which, taken
in connection with the preceding section, would require na-
tional banking associations organized in the city of San *
Francisco to redeem their circulating notes at par in the
city of New York; and the last clause of section thirty-two,
which requires every national banking association to receive
in payment of debts the notes of every other national bank-
ing association at par : Provided^ That in applying the pro-
visions and requirements of said act to the banking associa-
tion^ herein provided for the terms "lawful money," and" ^fj^^"^™o°6y"

r now construed

*' lawful money of the United States,'' shall be held and con-
strued to mean gold or silver coin of the United States.

Sec. 6. And he it further enacted^ That to secure a more circiiiation to be
equitable distribution of the national banking currency fJomVanks^in
there may be issued circulating notes to banking associa- states having
tions organized in States and Territories having less than *°^"^^*
their proportion as herein set forth. And the amount of
circulation in this section authorized shall, under the direc-
tion of the Secretary of the Treasury, as it may be required
for this purpose, be withdrawn, as herein provided, from
banking associations organized in States having a circula-

tion exceeding that provided for by the act entitled. "An
act to amend an act entitled 'An act to provide for a na-
tional banking currency secured by pledge of United States
bonds, and to provide for the circulation and redemption
thereof/'^ approved March three, eighteen hundred and
sixty-five, but the amount so withdrawn shall not exceed
Redistribution oftwcnty-five miUiou dollars. The Comptroller of the Cur-
cuc^'iatingrency shall, under the direction of the Secretary of the
notea. I^casury, make a statement showing the amount of circula-

tion in each State and Territory, and the amount to be re-
tired by each banking association in accordance with this
Requisition firPtSCCtion, and shall, when such re-distribution of circulation
made uponig required, make a requisition for such amount upon such
more than $i,.banks, commcucing with the banks having a circulation ex-
^on^?n ^'states ^^^^^^^ ^^^ milUou of dollaxs iu states having an excess of
having an ex- circulatiou, and withdrawing their circulation in excess of
^^^^' one million of dollars, and then proceeding pro rata with

Secondly, upon othcT bauks haviug a circulatlon exceeding three hundred
moVe t irL°n ^^^^^^^^ dollars in States having the largest excess of cir-
$300,000 of circulation, and reducing the circulation of such banks in
cuiation. Statcs haviug the greatest proportion in excess, leaving

undisturbed the banks in States having a smaller propor-
tion, until those in greater excess have been reduced to the
same grade, and continuing thus to make the reduction pro-
vided for by this act until the full amount of twenty-five
millions, herein provided for, shall be withdrawn ; and the
circulation so withdrawn shall be distributed among the
States and Territories having less than their proportion, so
as to equalize the same. And it shall be the duty of the
Comptroller of the Currency, under the direction of the
Secretary of the Treasury, forthwith to make a requisition
for the amount thereof upon the banks above indicated as
herein prescribed. And upon failure of such associations,
or any of them, to return the amount so required within one
year, it shall be the duty of the Comptroller of the Currency
ifcircuiationisnotto scll at pubUc auctiou, haviug given twenty days' notice
|^^"^°^^g^}*^®°**Hhereof in one daily newspaper printed in Washington and
• one in New York City, an amount of bonds deposited by
said association, as security for said circulation, equal to
the circulation to be withdrawn from said association and
not returned in compliance with such requisition ; and the
Comptroller of the Currency shall with the proceeds redeem
so many of the notes of said banking association, as they
come into the Treasury, as will equal the amount required
and not so returned, and shall pay the balance, if any, to
Circulation not to such banking association : Provided^ That no circulation
^^^'^n **the'^£S^®^^^^ ^^ withdrawn under the provisions of this section until
000,000 ia firJt after the fifty-four millions granted in the first section shall
iusued. have been taken up.

Banicsinany Sec. 7. And 1)6 it furtlwr euacted. That after the expira-
fn^excestof cir^ ^^^^ ^^ ^^^ mouths from thc passage of this act any banking
cuiation author- association locatcd in any State having more than its pro-
lyl stateXv^ portion of circulation may be removed to any State having
in,r less than its less than its proportiou of circulation, under such rules and
propo on. regulations as the Comptroller of the Currency, with the
approval of the Secretary of the Treasury, may require:

Provided, That the amount of the issue of said banks shall
not be deducted from the amount of new issue provided for
in this act.

Approved, July 12, 1870.

AN ACT to require natioDal banks going into liquidation to retire their

circulating notes.

Be it enacted by tlw Senate and Home of Representatives ^/^liquldau ©If tl
the United States of America in Congress assemhisd, That deposit lawfui
every bank that has heretofore gone into liquidation under S'xty^dayrfroS
the provisions of section forty-two of the national currency ^^^^^^^ ^^'
act, shall be required to deposit lawful money of the United ^^^
States for its outstanding circulation within sixty days from
the date of the passage of this act. And every bank that ^^^deposTuw-
may hereafter go into liquidation shall be required to deposit fui money wuh-
lawful money of the United States for its outstanding circu- fronf dat?ofV
lation within six months from the date of the vote to go into <i»iidation.
liquidation ; whereupon the bonds pledged as security for
such circulation shall be surrendered to the association mak-
ing such deposit. And if any bank shall fail to make the
deposit and take up its bonds for thirty days after the ex-
piration of the time specified, the Comptroller of the ^iir-^^gX^boid'su'SSS
rency shall have power to sell the bonds pledged for the failure to make
circulation of said bank at public auction in New York City, ^®p®^^*-
and after providing for the redemptioh and cancelation of
said circulation, and the necessary expenses of the sale, to
pay over any balance remaining from the proceeds to the
bank or its legal representatives : Provided, That banks ^Sg^excepted.**
which are winding up in good faith for the purpose of con-
solidating with other banks shall be exempt from the pro-
visions of this act: And provided further. That the assets ^®^®'^^*
and liabilities of banks so in liquidation shall be reported
by the banks with which they are in process of consolida-
tion.

Approved, July 14, 1870.

AN ACT to amend an act entitled "An act to provide a national currency-
secured by pledge of United States bonds, and to provide for the cir-
culation and redemption thereof," approved June third, eighteen
hundred and sixty-four.

Be it enaoted by the Senate and House of Representatives ^/^®t^ck°out*fJom
the United States of America hi Congress assembled, That liat of redemp-
section thirty-one of said act be amended by striking out ^^^^ °'*^®^*
the word "Leavenworth" when it occurs in said section.

Approved, March 1, 1872.

AN ACT for the better Security of bank reserves, and to facilitate bank

clearinghouse exchanges.

Be it enacted by the Senate and House of Representatives o/ secretary may is-
the United States of America in Congress assembled, That the JJ^® u^'s ^SStea
Secretary of the Treasury is hereby authorized to receive depositei
United States notes on deposit, without interest, from na-
tional banking associations, in sums not less than ten

thousand dollars, and to issue certificates therefor in such
form as the Secretary may prescribe, in denominations of
not less than five thousand dollars; which certificates shall
be payable on demand in United States notes, at the place
where the deposits were made.

Sec. 2. That the United States notes so deposited in the
Treasury of the United States shall not be counted as part
certificateg may of the legal rescrvc ; but the certificates issued therefor
legiV^e^v?. '^^^^y ^^ l^^ld ^^^ counted by national banks as part of their
legal reserve, and may be accepted in the settlement of
clearing-house balances at the places where the deposits
therefor were made.
Currency not to Sec. 3. That uothiug Contained in this act shall be con-
contSS^d^^un' strued to authorize any expansion or contraction of the
der this act currcucy J and the United States notes for which such cer-
tificates are issued, or other United States notes of like
amount, shall be held as special deposits in the Treasury,
and used only for the redemption of such certificates.
Approved, June 8, 1872.

EXTRACTS

FROM

INTERNAL REYEIUE ACTS

KELATING TO

NATIONAL BANKS.

EXTRACTS

FROM

INTERNAL REVENUE ACTS RELATING TO NATIONAL

BANKS.

AN ACT to provide internal revenue to support the Government, to
pay interest on the public debt, and for other purposes.

Sec. 121. And he it further enacted^ That any bank legally (stat. at Large, p.
authorized to issue notes as circulation which shall neglect ^^'^
or omit to make dividends or additions to its surplus or con- Bank neglecting
tingent fund as often as once in six months, shall make a denTor addu'n
list or return in duplicate under oath or affirmation of the *<> surplus as of-
president or cashier, to the assessor or assistant assessor six monrhT t S
of the district in which it is located, on the first day of ^^Yst'^^of j?a^
January and July in each year, or within thirty days and ist of juiy.
thereafter, of the amount of profits which have accrued
or been earned and received by said bank during the six
months next preceding said first days of January and July ;
and shall x^resent one of said lists or returns and pay to the Duty of 5 per cent.
collector of the district a duty of five per centum on such coikcton ^**^^^
profits, and in case of default to make such list or return
and payment within the thirty days, as aforesaid, shall be
subject to the provisions of the foregoing section of this
act : Provided^ That when any dividend is made which in- ^^^^^^^ cSn^n-
cludes any part of the surplus or contingent fund of any gent fund to be
bank, trust company, savings institution, insurance or rail- dSty^on^ mm
road company, which has been assessed and the duty paid dividend.
thereon, the amount of duty so paid on that portion of the
surplus or contingent fund may be deducted from the duty
on such dividend.

Approved, June 30, 1864.

AN ACT to amend an act entitled "An act to provide internal revenue
to support the Government, to pay interest on the public debt, and
for other purposes," approved June thirtieth, eighteen hundred and
sixty-four.

Sec. 6. And be it further enacted j That every national (stat. at Large, p.
banking association, State bank, or State banking asso- ^^^'^
elation shall pay a tax of ten per centum on the amount of ^^^n ^state^^'b^k
notes of any State bank or State banking association paid Sotes.*^ ^
out by them after the first day of July, eighteen hundred
and sixty-six.

Slate banks of not Seo. 7. And be it further enacted, That any existing bank
ilpitafmS^c^ organized under the laws of any State, having a paid-up
vert before July capital of uot less than seventy-five thousand dolhirs, which
1,^ ^1865, (§^ 6, gjj^n apply before the first day of July next for authority to
become a national bank under the aet entitled "An act to
provide a national currency, secured by a pledge of United
States bonds, and to provide for the circulation and redemp-
tion thereof," approved June third, eighteen hundred and
sixty-four, and shall comply with all the requirements of
said act, shall, if such bank be found by the Comptroller
of the Currency to be in good standing and credit, receive
such authority in preference to new associations applying
state bankB with for the Same: Provided, That it shall be lawful for any
branches may banking associatiou organized under State laws, and bav-

convert and re- . i. i .i 'i i i • • • ^ i ' i . -■

tain branchea. lug brauchcs, the capital bciug joint and assigned to and
used by the mother bank and branches in definite propor-
tions, to become a national banking association in con-
formity with existing laws, and to retain and keep in opera-
tion its branches,* or such one or more of them as it may
Circulation re-elcct to retain J the amount of circulation redeemable at the
^^®^*^^® ^^ mother bank and each branch to be regulated by the
amount of capital assigned to and used by each.
Approved, March 3, 1865.

AN ACT to reduce internal taxation and'to amend an act entitled "An
act to provide internal revenue to support the Government, to pay
interest on the public debt, and for other jiurposes," approved Juno
thirtieth, eighteen hundred and sixty-four, and acts amendatory
thereof.

(Stat, at Large, p. Sec. 9, And he it further enacted, * ♦ * * That
seV.V9. section seventy-nine be amended by striking out all after

the enacting clause and inserting in lieu thereof the follow-
ing: That a special tax shall be and hereby is imposed as
follows, that is to say :
Special tax on Bauks Chartered or organized under a general law, with a
bmika and bank- (japi^al uot exceeding fifty thousand dollars, and bankers
Of $100 on capital usiug Or employing a capital not exceeding the sum of fifty
J^{JJo?''*'^^^**^t;housand dollars, shall pay one hundred dollars; when
Of 12 for every excccdiug fifty thousand dollars, for every additional thou-
«i,oooover. ^^^^ dollars in excess of fifty thousand dollars, two dollars.
Definition of bk Evcry incorporated or other bank, and every person, firm,
or banker. or compauy haviiig a place of business where credits are
opened by the deposit or collection of money or currency,
subject to be paid or remitted upon draft, check, or order,
or where money is advanced or loaned on stocks, bonds,
bullion, bills of exchange, or promissory notes, or where
stocks, bonds, bullion, bills of exchange, or promissory
notes are received for discount or for sale, shall be regarded

as a bank or as a banker.

# « * * * *

fstatit Large p That scctiou onc hundred and twenty be amended by

138.) ' * striking out all after the enacting clause and inserting in

Duty of 5 per ct. y^Q^ thcrcof the followiug I That there shall be levied and

collected a tax of five per centum on all dividends in scrip on dividends of
or money thereafter declared due, wherever and whenever pMiear^ivkSs
the same shall be payable to stockholders, policy holders, institut'ns, and
or depositors or parties whatsoever, including non-residents, p^aS^^ °^™"
whether citizens or aliens, as part of the earnings, income,
or gains of any bank, trust company, savings institution,
and of any fire, marine, life, inland insurance company
either stock or mutual, under whatever name or style
known or called, in the United States or Territories, whether
specially incorporated or existing under general laws, andg^me duty on ad-
on all undistributed sums, or sums made or added during diuons to sur-
the year to their surplus or contingent funds ; and said gent funds.^**'^
banks, trust companies, savings institutions, and insurance
companies shall pay the said tax, and are hereby authorized nuty to be wuh-
to deduct and withhold from all payments made on account payments *on
of any dividends or sums of money that may be due and ^^^^^^^^ ^^^^
payable as aforesaid the said tax of five per centum. And
a list or return shall be made and rendered to the assessor Ret'n to be mRde
or assistant assessor on or before the tenth day of the inicf^dly^s alter
month following that in which any dividends or sums of ^ivWend is pay-
money become due or payable as aforesaid ; and said list or
return shall contain a true and faithful account of the ^^^^ p ^^ j ,
amount of taxes as aforesaid ; and there shall be annexed i3,'i866, ii. §
thereto a declaration of the president, cashier, or treasurer
of the bank, trust company, savings institution, or insurance
company, under oath or affirmation, in form and manner as Re^^™^<> ^^®^^^^^^^^
may be prescribed by the Commissioner of Internal Rev- pJesidLt^^cagh-
enue, that the same contains a true and faithful account of ier, or treasurer.
the taxes as aforesaid. And for any default in the makingP^jiaUy f or de-

-, . r. iT^ 1. 'u% 111 j^' fault in render-

or rendering of such list or return, with such declaration ing return.
annexed, the bank, trust company, savings institution, or
insurance company making such default shall forfeit as a
penalty the sum of one thousand dollars ; and in case of any in case of default,
default in making or rendering said list or return, or of any coUectum to^Se
default in the payment of the tax as required, or any part iJJtif ^^en'f^^ro?
thereof, the assessment and collection of the tax and penalty riiions^^" ^'^^
shall be in accordance with the general provisions of law in
other cases of neglect and refusal. # # # #

Sec. 9, [bis.] And he itfurtlier enacted^ That section six of sec. 6. ^
the act of March third, eighteen hundred and sixty-five, ^ i46, fi?/*^*^ ^'
* * * be amended by striking out all after the enacting
clause, and inserting in lieu thereof the following :

That every national banking association. State bank, or Tax of lo per
State banking association, shall pay a tax of ten per centum cu^at'n of°sta[e
on the amount of notes of any person, State bank, or State ^^«« t^lm^^^^
banking association, used for circulation and paid out by ^^' '
them after the first day of August, eighteen hundred and
sixty-six, and such tax shall be assessed and paid in such
manner as shall be prescribed by the Commissioner of In-
ternal Bevenue.

That section fourteen of the same act shall be amen- sec. 14.
ded by striking out all after the enacting clause and
inserting in lieu thereof the following: That the capital ofc^^pjj** convfifed
any State bank or banking association which has ceased or into natrbL
shall cease to exist, or which has been or shall be converted {he^same^^be^
into a national bank, shall be assumed to be the capital as fore conversion.

it existed immediately before such bank ceased to exist or
When circuiat'n was converted as aforesaid ; and whenever the outstanding
5^per"^cen^rof circulation of any bank, association, corporation, company,
em *t*from^ta? ^^ pcrsou shall bc rcduccd to an amount not exceeding five
emp rom ax. ^^^ ccutum of the Chartered or declared capital existing at
the time the same was issued, said circulation shall be free
from taxation ; and whenever any bank has ceased to issue
notes for circulation shall deposit in the Treasury of the
United States, in lawful money, the amount of its outstand-
ing circulation, to be redeemed at par, under such regula-
tions as the Secretary of the Treasury shall prescribe, it
shall be exempt from any tax upon such circulation ; and
National banks to wheucver any State bank or banking association has been
tax^duVfrom converted into a national banking association, and such
the state bank, national banking association has assumed the liabilities of
such State bank or banking association, including the re-
demption of its bills, by any agreement or understanding
whatever with the representatives of such state bank or
banking association, such national banking association shall
be held to make the required return and payment on the
circulation outstanding, so long as such circulation shall
exceed five per centum of the capital before such conver-
sion of such State bank or banking association.
Approved, July 13, 1866.

AN ACT to reduce internal taxes, and for other purposes.
* # * # * «

Tax of two and Sec. 15. And he it further enacted^ That there shall be
o n eh aup^e^r levied and collected, for and during the year eighteen hun-
est" ir^coupons drcd and seventy-one, a tax of two and one-half per centum
paid. on the amount of all interest or coupons paid on bonds or

other evidences of debt issued and payable in one or more
years after date, by any of the corporations in this section
And upon divi- hereinafter enumerated, and on the amount of all dividends
or"gtl*n8^decS?- ^^ caruings, income or gains hereafter declared, by any
ed. bank, trust company, savings institution, insurance com-

pany, railroad comj^any, canal company, turnpike company,
canal navigation company, and slack-water company, when-
ever and wherever the same shall be payable, and to what-
soever person the same may be due, including non-residents,
whether citizens or aliens, and on all undivided profits of
any such corporation which have accrued and been earned
and added to any surplus, contingent, or other fund ; and
Amount paid may ^very such Corporation having paid the tax as aforesaid, is
be withheld, hereby authorized to deduct and withhold from any pay-
ment on account of interest,- coupons, and dividends, an
amount equal to the tax of two and one-half per centum on
Payment to thethesamcj and the payment to the United States, as pro-

ti°free c^oVVo- ^^^^^ ^y ^^^? ^^ *^^^ amount of tax so deducted from the
ration from lia- interest, coupons, and dividends aforesaid, shall discharge
biiity. ^jj^ corporation from any liability for tha4: amount of said

interest, coupons, or dividends, claimed as due to any per-
son, except in cases where said corporations have provided

otherwise by an express contract: Frovided, Tbat the tax Dividends of iu-

suranc
panies.

iipou the dividends of insurance companies shall not be ^^''^^^^ c**°^

deemed due until such dividends are payable, either in
money or otherwise; and that the money returned by mu-
tual insurance companies to their policy-holders, and the
annual or semi-annual interest allowed or paid to the depos- interest paid to de-
itors in savings banks or savings institutions, shall not be positors in sav-

•j 1 T«i J n ^^ J. 1 T'j J*' ings banks not

considered as dividends; and that when any dividend is a dividend.
made, or interest as aforesaid is paid, which includes ^^^J^^tu^^ ^rom^tax
part of the surplus or contingent fund of any corporation on dividend or
which has been assessed and the tax paid thereon, or which ^°*®'^^'**-
includes any part of the dividends, interest, or coupons re-
ceived from other corporations whose officers are authorized
by law to withhold a per centum on the same, the amount
of tax so paid on that portion of the surplus or contingent
fund, and the amount of tax which has been withheld and
paid on dividends, interest, or coupons so received, may be
deducted from the tax on such dividend or interest.

Seo. 1G. And be it further enacted, That every person hav- corporati on s to
iug the care or management of any corporation liable to be ^g^s^Jrs ^^'"'^^ *^
taxed under the last preceding section shall make and ren-
der to the assessor or assistant assessor of the district in
which such person has his office for conducting the business
of such corporation, on or before the tenth day of the
month following that in which any dividends or sums of
money become due or payable as aforesaid, a true and
complete return, in such form as the Commissioner of Inter- Form of returns.
nal Revenue may prescribe, of the amount of income and
profits and of taxes as aforesaid; and there shall be an-
nexed thereto a declaration of the president, cashier, or
treasurer of the corporation, under oath, tliat the same con-
tains a true and complete account of the income and profits
and of taxes as aforesaid. And for any default in the penalty upon .
making or rendering of such return, with such declaration 5ef^u[f/^"^*r
annexed, the corporation so in default shall forfeit, as a ing^etums.^^^
penalty, the sum of one thousand dollars ; and in case of
any default in making or rendering said return, or of any
default in the payment of the tax as required, or of any
part thereof, the assessment and collection of the tax and
penalty shall be in accordance with the general ])rovisions
of law in other cases of neglect and refusal.

Sec. 17. And be it further enacted, That sections one hun- Taxes upon dwi-
dred and twenty, one hundred and twenty-one, one hundred dends, and upon
and twenty-tw^o, and one hundred and twenty-three of the IhosJ'irthrse?-
act of June thirty, eighteen hundred and sixty-four, en- J^^^® ^a^tes^'to
titled ''An act to provide internal revenue to support the cease after au-
Government, to pay interest on the public debt, and for ^"^^ ^' ^®^^-
other purposes," as amended by the act of July thirteen,
eighteen hundred and sixty-six, and the act of March two,
eighteen hundred and sixty-seven, shall be construed to
impose the taxes therein mentioned to the first day of
August, eighteen hundred and seventy; but after that date
no further taxes shall be levied or assessed under said sec-
tions; and all acts and parts of acts relating to the taxes
herein repealed, and that all the provisions of said acts shall
continue in full force for levying and collecting all taxes

4 N c

SaviDg clause.

properly assessed or liable to be assessed, or accruing under
the provisions of former acts, or drawbacks, the right to
which has already accrued or which may hereafter accrue
under said acts, and for maintaining and continuing liens,
fines, penalties, and forfeitures incurred under and by vir-
tue thereof. And this act shall not be construed to affect
any act done, right accrued, or penalty incurred under
former acts, but every such right is hereby saved. And for
carrying out and completing all proceedings which have
been already commenced, or that may be commenced, to
enforce such fines, penalties, and forfeitures, or criminal
proceedings under said acts, and for the punishment of
crimes of which any party shall be or has been found
guilty.
Approved, July 14, 1870.

AN ACT to reduce duties on imports, and to reduce internal taxes, and

for other purposes.

AH stamp taxes, Sec. 36. That ou and after the first day of October,
Scepttwo-cfm eighteen hundred and seventy-two, all the taxes imposed

stam^ aboiuh^^^ ^*^^P® under.aud by virtue of Schedule B of section
ed*Slf and^aiter onc huudrcd and seventy of the act approved June thirtieth,
October 1, 1872. eightccu huudrcd and sixty-four, and the several acts amend-
atory thereof, be, and the same are hereby, repealed, ex-
cepting only the tax of two cents on bank checks, drafts,
or orders. ########*

When suit mast Sec. 44. That all suits and proceedings for the recovery
daim rafde', for ^^ ^^^y internal tax alleged to have been erroneously as-
the recovery or sesscd or collcctcd, or any penalty claimed to have been
tlxirerrmiLuK^ collected without authority, or for any sum which it is
coiie"c?eT^^ ®'' alleged was excessive, or in any manner wrongfully col-
lected, shall be brought within two years next alter the
cause of action accrued and not after; and all claims for
the refunding of any internal tax or penalty shall be pre-
sented to the Commissioner of Internal Eevenue within two
vears next after the cause of action accrued and not after :
Provided^ That actions for claims which have accrued prior
to the passage of this act shall be commenced in the courts
or presented to the Commissioner of Internal Eevenue
within one year from the date of said passage: And pro-
vided further^ That where a claim shall be pending before
said Commissioner the claimant may bring his action within
Saving clause, ouc year after such decision and not after : And provided
furtlier^ That no right of action barred by any statute now in
force shall be revived by anything herein contained.
Approved, June G, 1872.

ACTS NOT OF A GENERAL NATURE.

AN ACT authorizing The Mauufiicturers' National Bank of New York

to change its location.

Be it enacted by the Senate and Souse of Representatives o/Manufacturers*
the United States of America in Congress assembled. That The fl^^°^^^ ^^f" k
Manufacturers' National Bank of ^ew York, now located in may change us
the city of New York, is hereby authorized to change its ^o*^^^®'^-
location to the city of Brooklyn. Whenever the stock- p^^^^^^^^^
holders representing three-fourths of the capital of said
* bank, at a meeting called for that purpose, determine to
make such change, the president and cashier shall execute
a certificate under the corporate seal of the bank, specify-
ing such determination, and shall cause the same to be
recorded in the ofi&ce of the Comptroller of the Currency,
and thereupon such change of location shall be effected and
the operations of discount and deposit of said bank shall be
carried on in the city of Brooklyn.

Sec. 2. And be it further enacted, That nothing in this Liability, &c., of
act contained shall be so construed as in any manner to ^J°^ °°^ ^^®^^'
release the said bank from any liability, or affect any action
or proceeding in law in which the said bank may be a party
or interested. And when such change shall have been
determined upon as aforesaid, notice thereof and of such ^^^^^ pubiSSer
change shall be published in, at least, two daily newspapers
in each of the counties of New York and Kings, in the State
of New York, for not less than ten days.

Sec. 3. And be it further enacted. That this act shall take when act takes
effect and be in force from and after its passage. ® ®°*'

Approved, July 27, 1868.

AN ACT authorizing certain banks named therein to change their names.

Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled, That the Name of city Na-
name of the " City National Bank of New Orleans" shall be Neworfeans
changed to the "Germania National Bank of New Orleans'' ^^y ^^ <^^»°«-
whenever the board of directors of said bank shall accept
the new name, by resolution of the board, and cause a copy
of such resolution, duly authenticated, to be filed with the
Comptroller of the Currency: Provided, That such accept- Proviso,
ance be made within six months after the passage of this
act.

Sec. 2. And be it further enacted, That all the debts, de-
mands, liabilities, rights, privileges, and powers of the Rights and liabiii-
" City National Bank of New Orleans'' shall devolve upon affecfed.^^ """'
and inure to the " Germania National Bank of New Orleans"
whenever such change of name is effected.

Name of Second Sec. 3. And 1)6 it furtJwr enactedj That the name of the
of^'Stsb^urgh " Second National Bank of Plattsburgh '' shall be changed
may be chang- to the " Vilas National Bank of Plattsburgh ^ whenever the
^^ board of directors of said bank shall accept the new name

by resolution of the board, and cause a copy of such resolu-
tion, duly authenticated, to be filed with the Comptroller
Proviso. of the Currency : Provided, That such acceptance be made

within six months after the passage of this act.

Sec. 4. And he it further enacted. That all the debts,

iiigb ts and liabiii^- demands, liabilities, rights, privileges, and powers of the

affoc°ted.*° °*^* " Second National Bank of Plattsburgh" shall devolve upon

and inure to the "Vilas National Bank of Plattsburgh"

whenever such change of name is effected.

Approved, March 1, 1869.

AN ACT authorizing The First National Bank of Delhi, New York, to

change its location.

First National ^^ it enocted by the Senate and Home of Representatives of
Bank of Delhi, the United States of America in Congress a^sembledj That The
Sange its^ioci^ First Katioual Bank of Delhi, now located in Delhi, Dela-
tion, ware County, State of l!^ew York, is hereby authorized t o
change its location to the village of Port Jervis, Orange
Proceedings, couuty, State of Ij^cw York. Whenever the stockholders
representing three-fourths of the capital of said bank, at a
meeting called for that purpose, determine to make such
change, the president and cashier shall execute a certificate
under the corporate seal of the bank specifying such deter-
mination, and shall cause the same to be recorded in the ofl&ce
of the Comptroller of the Currency, and thereupon such
change of location shall be effected, and the operations of
discount and deposit of said bank shall be carried on under the
Name to be uamc of ThcFirst National Bank of Port Jervis, in the vil-
changed. j^^^ ^^ p^^.^ Jcrvls, Oraugc County, State of New York.

Sec. 2. And be it further enacted, That nothing in this act
contained shall be so construed as in any manner to release
Rights and liabiii- the Said bank from any liability or affect any action or pro-
affec'ted.^"^ ^°* cccding iu law in which the said bank may be a party or in-
terested. And when such change shall have been deter-
Kotico of change miucd upou as aforcsaid, notice thereof, and of such change,
to be published, gj^^n 1^^ published in at least two weekly newspapers in each
of the counties of Delaware and Orange, in the State of
New York, for not less than four successive weeks.

When act takes ^^^' ^' ^^^ ^^ it furthcT cnactcd^ That this act shall take
effect. ^ effect and be in force from and after its passage.

Approved, May 5, 1870.

A RESOLUTION authorizing The First Ncational Bank of Fort Smith,
Arkansas, to change its location and name.

First National Bcsolvcd by the Scuatc and Rouse of Representatives of the
Bank of Fort Jjuitcd Statcs of Amcrica in Congress assembled, That wheu-
mS^' chanfet^ts cvcr the stockholdcrs, representing three-fourths of the capi-
location. tal stock of The First National Bank of Fort Smith, Ar kan-

sas, shall elect to remove the said bank to the city of Cam-
den, in the county of Ouachita, in said state, and the
president and cashier shall execute a certificate under the Proceedings,
corporate seal of the bank specifying such determination,
and shall cause the same to be recorded in the office of the
Comptroller of the Currency, thereupon such change of loca-
tion shall become effectual and valid.

Sec. 2. And he it further resolved, That when such change Name to be
of location shall have been made as above provided, the *^^^°s®*^-
name of said bank shall be changed to The First National
Bank of Camden, Arkansas, and all debts, demands, liabil- Rights and liabiu-
ities, rights and powers belonging to said First National affecfed.^^^ °°^
Bank of Fort Smith shall devolve upon and inure to The
First National Bank of Camden, and all actions pending by
or against said First National Bank of Fort Smith may be
prosecuted by or against said First National Bank of Cam-
den in the same manner and with the same effect as if such
change of location and name had not been made.

Sec. 3. And be it furtJier resolved, That as soon as such Notice of change
change of name and location shall have been made, public ^"^ ^^ published.
notice thereof shall be given by publication in a weekly
newspaper in both said city of Fort Smith and said city of
Camden for four successive weeks.

Approved, July 1, 1870.

AN ACT to authorize Tlie Jersey Shore National Bank^ Pennsylvania,

to chanire its location.

*»'

Be it enacted by the Senate and House of Representatives o/jewey shore nb-
the United States of America in Congress assembled, That The iV*e"nn8^i?a"iil*
Jerseys Shore National Bank, now located in Jersey Shore, may^Smnge'lt^
Lycoming county, Pennsylvania, is hereby authorized to ^"^'^*^°°-
change its location to the city of Williamsport, Lycoming
county, State of Pennsylvania. Whenever the stockholders proceedings
representing three-fourths of the capital of said bank, at
a meeting called for that purpose, determine to make such
change, the president and cashier shall execute a certificate,
under the corporate seal of the bank, specifying such deter-
mination, and shall cause the same to be recorded in the
office of the Comptroller of the Currency, and thereupon
such change of location shall be effected, and the operations
of discount and deposit of said bank shall be carried on
under the name of The Williamsport National Bank, in thcN a me to bt?
city of Williamsport, Lycoming coTunty, State of Pennsyl- ^^'^^k^'^
vania.

Sec. 2. And be it further enacted, That nothing in this act Rights and liabiu
contained shall be so construed as in any manner to release ^ffec/ed*"'^ "'^^
the said bank from any liability, or affect any action or pro-
ceeding in law to which the said bank may be a party or
interested. And when such change shall have been deter-
mined upon as aforesaid, notice thereof, and of such change j^^^-^^^ ^^ ^y^^^^^^
shall be published in at least two weekly newspapers in the to be published.
aforesaid county of Lycoming, State of Pennsylvania, for
not less than four successive weeks.

Approved, December 22, 1870.

AN ACT to authorize the Worcester County National Bank, Massacbu-

settSj to change its location.

Worcester County Be U euacted by the Senate and House of Representatives of
K's^sach^^tts' the United States of America in Congress assembled^ That The
j»^^^.^^ange its Worcester County National Bank, now located in Black-
stone, State of Massachusetts, is herel)y authorized to
change its location to the town of Franklin, State of Massa-
proceedings. chusctts. Whencv^cr the stockholders representing three-
fourths of the capital of said bank, at a meeting called for
that purpose, determine to make such a change, the presi-
• dent and cashier shall execute a certificate, under the cor-
porate seal of the bank, specifying such determination, and
shall cause the same to be recorded in the office of the
Comptroller of the Currency, and thereupon such change of
location shall be effected, and the operations of discount
and deposit of said bank shall be carried on under the
Name to be name of Thc Franklin National Bank, in the town of Frank-
changed, liu^ Norfolk County, State of Massachusetts.

Sec. 2. And he it further enacted^ That nothing in this act
Rights and liabiii coutaincd shall be so construed as in any manner to release
affec^ed^^'^'^ "^^^ thc Said bank from any liability, or affect any action or pro-
ceeding in law in which the said bank may be a party or
interested. And when such change shall have been deter-
Notice of change mined upou as aforesaid, notice thereof, and of such change
to be pubhshed. g]j^]| ^^ pubUshcd in at least two weekly newspapers in the
aforesaid county of Worcester, for not less than four suc-
cessive weeks.
Approved, February 9, 1871.

JOINT RESOLUTION authorizing The Farmers' National Bank of Fort
Edward, New York, to change its location and name.

Farmers' National Be it resolved by the Senate and Souse of Representatives of
Edv>^ard^N V*^'*^ ^^^ted States of America in Congress assembled^ That
may change iti whcncvcr thc stockholdcrs representing three-fourths of the
location. capital stock of The Farmers' National Bank of Fort Ed-

ward, New York, shall elect to remove the said bank to the
village of North Granville, in the county of Washington,
in said state, and the president and cashier shall execute a
Proceedings, <3ertificate, under the corporate seal of the bank, specifying

such determination, and shall cause the same to be recorded
in the office of the Comptroller of the Currency, thereupon
such change of location shall become effectual and valid.
Sec. 2. And be it further resolved^ That when such change
Name to b e shall havc bccu made as above x)rovided, the name of
changed. ^^^^^ bank shall be changed to The North Granville National
Rights and liabiii- Bank, Ncw York, and all debts, demands, liabilities, rights
affected.^'^'^ "*** and powcrs belonging to the said Farmers' National Bank
of Fort Edward shall devolv^e upon and inure to The North
Granville National Bank ; and all actions pending by or
agninst said Farmers' National Bank may be prosecuted by
or against said North Granville National Bank, in the same
manner and with the same effect as if such change of loca-
tion and name had not been made.

Sec. 3. And be it further resolved., That as soon as such Notice of change
change of name and location shall have been made, public *** ^® pubiuhed.
notice thereof shall be given by publication in a weekly
newspaper in the county of Washington, in said State of
Xew York, for four successive weeks.

Approved, February 18, 1871.

AN ACT to authorize The WorthiDgton National Bank of Cooperstown,
New York, to change its name and location.

Be it. enacted by the Senate and House of Representatives o/worthington Na-
tJie United States of America in Congress assembled^ That The coopLs^t^o w n,
A^orthington National Bank, now located in Cooperstown, ^an^eitaToca^
State of New York, is hereby authorized to change its loca- tion°^*^ ^ **
tion to the village of Oneonta, in the county of Otsego, and
State of New York. Whenever the stockholders repre- ^^°°®®^°^^-
senting three-fourths of the capital of said bank, at a meet-
ing called for that purpose, determine to make such change,
the president and cashier shall execute a certificate, under
the corporate seal of the bank, specifying such determina-
tion, and shall cause the same to be recorded in the office
of the Comptroller of the Currency, and thereupon such
change of location shall be effected ; and the operations of
discount and deposit of said bank shall be carried on under
the name of The First National Bank of Oneonta, in the Name to be
village of Oneonta, in the countv Otsego, and State of New °^*°^®'^*
York.

Sec. 2. And be it further enacted^ That nothing in this act Rights anduabm-
contained shall be so construed as in any manner to release affectei*"^ "°*
the said bank from any liability, or affect any action or pro-
ceeding in law in which the said bank may be a party or
interested. And when such change shall have been deter-
mined upon as aforesaid, notice thereof, and of such change, Notice of change
shall be published in at least two weekly newspapers in the ^ ^e published.
aforesaid county in which Cooperstown is situate, in the
State of New York, for not less than four successive weeks.

Approved, February 27, 1871.

AN ACT authorizing the Warren National Bank of South Danvers, in
the State of Massachusetts, to change its name to the Warren National
Bank of Peabocly, Massachusetts.

Be it enacted by the Senate and House of Representatives o/warren National
the United States of America in Congress assembled^ That The ^Inve?! Mass!)
Warren National Bank of South Danvers, now located in may chaiige its
Peabody, Massachusetts, is hereby authorized to change its °*°^*''
name to the Warren National Bank of Peabody, Massa-
chusetts. Whenever the stockholders representing tliree- p^^^^^^.
fourths of the capital of said bank, at a meeting called for
that purpose, determine to make such change, the president
and cashier shall execute a certificate under the corporate
seal of the bank specifying such determination, and shall
cause the same to be recorded in the ofl&ce of the Comp-

troller of the Currency, aud thereupon such change of name
shall be effected, and the operations of discount and deposit
New name. of Said bank shall be carried on under the name of The
Warren National Bank of Peabody, in the town of Peabody,
in the county of Essex, State of Massachusetts.

^tlel^rbanfnot ^^^' ^' '^^^^^ Hothiug iu this act contained shall be so

affected. construed as in r.ny manner to release the said bank from

any liability, or affect any action or proceeding in law in

which the said bank may be a party or interested. And

when such change shall have been determined upon as afore-

NoticH of change Said, uoticc thereof, and of such change shall be published

to be pnbii8hed. ^^ ^^ j^^g^ ^^^ wcckly ucwspapcrs in the county of Essex

for not less than four successive weeks.

When act to take Sec. 3. That this act shall take effect and be in force from
effect. ^jj^j j^^^gp l^g passage.

Approved, March 12, 1872.

AN ACT to change the location of the First National Bank of Seneca^
State of Illinois, to the city of Morris, Illinois.

^Bankoi*se°neca! ^^ it enacted by the Senate and Rouse of Representatives oj
111., may change ^7ie United States of America in Congress assembled, That The
its location. pjj,^^ Najtioual Bank of Seneca, now located at Seneca, La

Salle County, State of Illinois, is hereby authorized to
change its location to the city of Morris, county of Grundy,

proceedingp. ^^^ statc aforcsaid. Whenever the stockholders represent-
ing three-fourths of the capital of said bank, at a meeting
called for that purpose, determine to make such change, the
president and cashier shall execute a certificate under the
corporate seal of the bank specifying such determination,
and shall cause the same to be recorded in the office of the
Comptroller of the Currency, and thereupon such change
of location shall be effected, and the operations of discount

Ri hts and liabiii- ^^^ dcposit Shall be Carried on in the city of Morris.

tfea of bank not Sec. 2. That nothiug iu this act contained shall be so con-

affected. gtrucd as iu any manner to release the said bank from any

liability, or affect any action or proceeding in law, in which

the said bank shall be a party or interested. And when such

change shall have been determined upon as aforesaid, notice

^to be pubUB^h" d! thereof, and of such change, shall be published in at least
one weekly newspaper in each of the counties of Grundy
and La Salle, in the State of Illinois, for not less than four
successive weeks.

^effe^ct^.'* *° *^^' Sec. 3. That this act shall take effect and be in force
from and after its passage.
Approved, April 5, 1872.

AN ACT authorizing the First National Bank of Annapolis to change its

location and name.

^*Bank ^f Annap- -^^ it cuacted by the Senate and Rouse of Representatives of

oiiB, Md., may f/^g United Statcs of America in Congress assembled^ That The

change its oca- j^^-j.^^ Katioual Bank of Annapolis, now located in the city

of Annapolis, and State of Maryland, is hereby authorized

to change its location to the city of Baltimore, in said state.

Whenever the stockhoklers representing three-fourths of the Proceedings.
capital of said bank, at a meeting called for tbat purpose,
determine to make such change, the president and cashier
shall execute a certificate, under the corporate seal of the
bank, specifying such determination, and shall cause the
same to be recorded in the ofi&ce of the Comptroller of the
Ourrency, and thereupon such change of location shall be
effected, and the operations of discount and deposit of said
bank shall be carried on in the city of Baltimore.

Sec. 2. That nothing in this act contained shall be so con- saving clause.
strued as in any manner to release the said bank from any
liability or affect any action or proceeding in law in which
the said bank may be a party or interested. And when
such change shall have been determined upon, as aforesaid, Notice of change
notice thereof, and of such change, shall be published in *^ ^' P"bii«hed.
two weekly papers in the city of Annapolis not less than
four weeks.

Sec. 3. That whenever the location of said bank shall Name to be
have been changed from the city of Annapolis to the city ^^^»^^-
of Baltimore, in accordance with the first section of this
act, its name shall be changed to The Traders' National Bank
of Baltimore, if the board of directors of said bank shall
accept the new name by resolution of the board, and cause
a copy of such resolution, duly authenticated, to be filed
with the Comptroller of the Currency.

Sec. 4. That all the debts, demands, liabilities, rights, Rights and iiabiii-
privileges, and powers of the First National Bank of An- affectd*!^"^ '''''
napolis shall devolve upon The Traders' National Bank
of Baltimore, whenever such change of name is effected.

Sec. 5. That this act shall take effect and be in force from when act to take
and after its passage. ^^®*^*'

Approved, June 7, 1872.

IIS^DEX.

Sec. ' Page.

Abstracts of bank reports to be published by Comptroller 34 18

Administrators holding stock not personally liable 63 29

Agent, redeeming, must be selected 32 17

Agent, special, appointed to examine bank, when 47 23

Aiding or abetting officers in misdemeanor, penalty for 37

Altering circulating notes or passing same, penalty for 59 27

Annapolis, First National Bank of, may change its location 58

Appointment of directors 10 8

Apportionment of circulation, how and by whom made 21 33

Of additional circulation to be based on census of 1870 1 38

Articles of association 5 6

Assessors of State taxes may inspect list of stockholders 40 20

Eetums of profits to be made to 121 45

Eeturns of dividends and profits to be made to 9 47

Returns of dividends and profits to be made to 16 49

Assets of closed associations, United States to have prior lien upon 47 24

Of closed associations, disposition of 50 24

Of liquidating banks, by whom to be reported 41

Associatio7i, (h'ticles of 5 6

Auction, shares of delinquent stockholders may be sold at 15 10

Stock owned by bank may be sold at 35 19

Bonds of association under protest may be sold at 48 24

Authority, certificate of, association not to transact business until receipt of. 8 7

When granted, form and publication of 18 11

For converted State banks 44 22

Authority to commence husiness, when may be withheld 12 9

Duty of Comptroller before granting 17 11

Bad dedts denned 38 19

Ba7ik checks, stamp tax upon 36 50

Bank-note paper, penalty for having 60 28

Bank notes, (See Circulating notes.)

Banks, State and other, conversion of - 44 22

With capital of not less than $75,000, conversion of 7 46

Banks and hankers, definition of 9 46

Bills of exchange, discount of, not a loan 29 16

Discount of, when not usurious -' 30 16

Blackstone, Worcester County National Bank of, may change its location . 56

Bonds of United States defined '. 4 6

Bonds deposited with United States Treasurer, regulations concerning 16 10

Coupon, may be changed to registered 16 11

Minimum amount of, allowable 16 11

Increase or withdrawal of, when required or permitted 16 11

Transfer of, how made ^ 19 12

Sec. Page.

Bonds deposited, Comptroller to countersign when transferred 20 12

Ratio of circulating notes to 21 13

Ratio of circulating notes to 21 33

To be examined by association annually 25 14

How held, exchanged, or withdrawn 26 14

If depreciated, deposit to be strengthened 26 14

Interest on, how paid 26 14

Of liquidating banks, withdrawal of 42 21

By depositaries of public money 45 22

Forfeiture and cancellation of, for failure to redeem circulating notes. 47 23

Of association under protest, sale of at auction - 48 24

Of association under protest, may be sold at private sale 49 24

Not to be applied to the payment of protest fees 51 25

For new circulation, description of 1 38

Books of Comptroller and Treasurer to be^ accessible, each to the other 20 12

Bureau of Comptroller of Currency established 1 5

jBttrwiw^ of mutilated notes by Comptroller 24 14

Of notes of associations by Treasurer 43 22

By-laws of associations 8 7

Capital stock, minimum amount of, for each association 7 7

Each director must hold shares of 9 8

Value of shares of , 12 9

Shares of, shall be deemed personal property 12 9

Transfer of shares of 12 9

How increased or reduced 13 9

Increase or reduction of, provisions relative to 16 11

When to be paid in and how certified 14 10

When below minimum, proceedings necessary 15 10

Minimum ratio to, of bonds deposited 16 11

Maximum ratio to, of circulation issued 21 13

Maximum ratio to, of circulation issued 21 33

Loans on and purchase of, by associations restricted 35 18

Indebtedness of association not to exceed 36 19

Use of circulating notes to increase, forbidden 37 19

Withdrawal of, in dividends or otherwise, prohibited 38 19

Taxation of, by United States and State authority 41 20

Special tax upon 9 46

Capital stock of State hanks, shares of, to remain same after conversion 44 22

To remain the same after conversion 14 47

Minimum amount of 44 22

Minimum amount of 7 46

Cashiery appointment of 8 7

Cannot act as proxy 11 9

To notify Comptroller of increase or reduction of capital stock 13 9

To certify instalments of capital stock paid in 14 10

Oath of, before receiving certificate of authority .' 17 11

To sign memorandum on bonds transferred 19 12

Must sign circulating notes 23 13

Annually to examine and certify to bonds deposited 25 14

To make reports of condition to Comptroller 34 18

To make reports of condition, and of dividends and earnings 1 36

Sec. Page.

Cashier to keep and make return of list of shareholders 40 19

To make return to Treasurer of circulation, deposits and capital 41 20

To certify notice of liquidation to Comptroller 42 21

Of redeeming bank may waive protest 46 23

Cannot be bank examiner 54 26

May be examined on oath by examiner 54 26

Misdemeanor of, penalty for 55 26

Misdemeanor of, (construction of section 55) 37

Forbidden to loan money on security of United States notes 35

Forbidden to certify checks unlawfully .* 36

To make returns to assessor of profits 121 45

To make returns to assessor of net profits and dividends 9 47

To make returns to assessor of net profits 16 49

Certificate of increase or reduction of capital 13 9

Of instalments of capital stock paid in 14 10

Of burning of mutilated notes by Comptroller 24 14

Of burning of notes of associations by Treasurer 43 22

Of examination of bonds deposited 25 14

Of bank going into liquidation 42 21

Certificate of authority may be withheld, when 12 9

Duty of Comptroller before granting 17 11

When may be granted, form and publication of : 18 11

For State banks 44 22

Certificate of organization^ how made and what to contain 6 6

Of State banks 44 22

Certificates^ &c., executed and sealed by Comptroller, evidence 2 6

Certifi,cate8, clearing-houses lawful money reserve, when 31 17

Certificates of deposit of United States Treasury notes may count as reserve 2 42

Certificates J three per cent., issue of, authorized 33

Additional amount authorized 34

May constitute part of lawful money reserve 34

Checks of banks, certifying restricted 36

Stamp tax upon 36 50

Circulating notes, description and denominations of 22 13

How signed, where payable, and for what receivable 23 13

Lost or mutilated, how replaced, and burning of by Comptroller . 24 14

Misdemeanor for any officer to deliver unlawfully 27 15

Where redeemable at par 32 17

For failure to redeem, bank may be closed 32 17

By whom and for what receivable 32 18

Use of, to pay in or increase capital, forbidden 37 19

Depreciated, not to be paid out 39 19

Redemption and burning of, by Treasurer 43 21

Must b© received by designated depositaries 45 23

Protest of, and proceedings relative thereto 46 23

Duty of Comptroller upon protest of 47 23

Of associations under protest, redemption of 47 24

For failure to redeem, receiver may be appointed 50 24

Mutilation of, penalty for 58 27

Counterfeiting, altering, &c., penalty for 59 27

Counterfeit, having in possession unlawfully, &c., penalty for 60 26

Of consolidating banks need not be retired 41

Circulating notes of gold banks, denominations of 3 39

Circulating notes of gold haiiJcs, by whom to be received

Circulating notes of State hanks, towns, cities, &c., tax upon, if paid out

Tax upon, if paid out by associations

Tax upon after conversion, national association liable for

Circulation may be returned and bonds withdrawn, when

May be surrendered and bonds withdrawn, when

Ratio of, to bonds deposited and cajntal

Eatio of, to bonds and capital, and apportionment of

Amount of authorized

Additional amount authorized, and how apportioned

Reserve required upon

United States tax upon, and report of, to Treasurer

Of liquidating banks, how provided for

Of liquidating banks, redemption of by Treasurer

Of re-named banks

Loans on, forbidden

Maximum amount of, for any association

Amount issued to bo reported by Comptroller to Secretary

Withdrawal and redistribution of, from States in excess

Banks in States having an excess of, may remove

Of banks in liquidation to be retired

Circulation of gold hanks, ratio of, to bonds deposited

Maximum amount of, for any association

Reserve required upon

Cities of redemption, list of

City National Bank of New Orleans may change its name

Claims against closed associations, how collected and paid

For refunding of taxes erroneously assessed

Clearing-hotise ceiiificatcs deemed lawful reserve, when

Clei'k of association, misdemeanor of, penalty for

Misdemeanor of, (construction of section 55)

Clerks in Currency Bureau, appointment and classification of

Closed associations. (See Liquidation ; also. Receiver.)

Commercial or husiness paper, when discount of, not a loan

Commission, special, may examine association, when

Compound-interest notes, substitution of three per cent, certificates for. (bis)
Comptroller of Currency, appointment, term of office, salary, &c

Must not be interested in national banks

Condition of associations, reports of

Reports of

Consolidating hanks need not retire their circulation

Conversion of State banks, proceedings relative to

Of State banks and branches

Cooperstown, Worthington National Bank of, may change its location

Copies of papers duly certified, evidence

When to bo evidence

Corporate powers and rights of associations

Corporate rights, forfeited for violation of currency act

Counterfeiting of notes of associations, penalty for

Plates, dies, &c., penalty for

Courts, jurisdiction of, in suits .igainst associations

Creditors of association, rights of, not impaired by transfer of stock

Of closed associations to be notified

Preferred, of associations, who only may be

ec. :

Pa«ie.

Sec. Page.

Deficiency in lawful money reserve 31 17

In proceeds of bonds of closed banks, re-imbursement of U. S. for.... 47 24

Definition of United States bonds 4 6

Of bad debts 38 19

Of banks and bankers 9 46

Delhiy First National Bank of, may change its location 54

Delinquent sJiarehilders J i^xocQodXvL^ in case of l 15 10

Denominations of notes of associations 22 13

Of notes of gold banks 3 39

Depositaries of public money 45 22

7)g>o»ite, reserve required upon ..• 31 16

United States tax on, provisions relating to 41 20

Depredated circulating notes not to be paid out 39 19

Depreciation of bonds deposited for circulation, how made up 26 14

Deputy Comptroller of Currency, appointment, powers and duties 1 5

Must not be interested in national banks 1 5

Designated depositaries of public money 45 22

Dies andplates, by whom procured 22 13

Custody and expense of 41 20

Counterfeit, penalty for engraving or having in possession 60 28

Directors, number, qualifications, powers and duties 9 8

Election or appointment of, term of office, &c 10 8

Cannot act as proxies 11 9

May sell stock of delinquent shareholders 15 10

Oaths of, before receiving certificate of authority 17 11

May declare dividends semi-annually 33 18

To send notice of liquidation to Comptroller 42 21

Violation of currency act by, penalty, &c 53 26

Cannot be bank examiners 54 26

May bTB examined on oath by examiner 54 26

Misdemeanor of, penalty for 55 26

Misdemeanor of, (construction of section 55) 37

Not to loan money on security of United States or national bank notes . 35

To attest reports of condition of bank 1 36

Directors of State hanks, powers and duties of, relative to conversion 44 22

Discount of bills of exchange and commercial paper, when not a loan 29 16

Of bills of exchange and sight-drafts, when not usury 30 16

Discounts prohibited when reserve is deficient 31 16

District Attorney to conduct suits under this act 56 27

Dividends forbidden when special surplus is deficient 12 9

Forbidden when reserve is deficient • 31 16

When may be declared 33 18

Limited to net profits on hand after deducting losses 38 19

From assets of closed banks^ by Comptroller 50 25

Reports of, to Comptroller 2 36

United States tax upon, provisions relating to 9 47

United States tax upon, provisions relating to 15 48

United States tax on, when to cease 17 49

Returns of, to assessors 9 47

Returns of, to assessors 16 49

Earnings, net, one-tenth of, to be carried to surplus fund before dividend. . 33 18
5 N

lEttntivga, reports of

United States tax upon, provisioDs relating to

United States tax upon, provisions relatiDg to

United States tax apou, when to coaae ..

KetumB of, to aaaessor

KeturnB of, to assesBor

Retnms of, to aasessor . ., ,

Sleeiion -of A'liecMTS, proceedings in

EmieiileineHt, &c.,'bj oflfleoreof asaociations, penoltj for

By officers of asaociations, (cotistruction of section 65)

Aiding or aliettingi penalty for

Engravmg counterfeit jilates, dies, &o., penalty for .,.;

J^ijoiw Comptroller and Kiteiver Lunks under protest may

PrucuedingB to, mnat be had in United States court

Evidence, papers exeoat^d and sealed l)j Comptroller shall be

■Certified and Healed copies of papers shall "be

^oininntionof association Ijefore granting certificate

Ofbonds deposited by association

Of association, expenwaof, by whom paid

Of associations, provisions relative to

diamine™, special, to esamine associations before granting oertiSoate....

To exanjiue associations under protest ,. ......

Qualifications, powers, -duties, &b

Exchange tt "bonds depoaiteil for circulation

Exckange, hilU of, wlien discount of, not a loan ............ ......

Discount of, "when not nsurious ,. . —

jEreeMfoi-B lioldiiig stccknot perBonaUy liable

£ij)fn«(sofBnreftn, out of what proceeds paid

Of examination or of receivership, by whom paid .

Farmere' National Bank of Fort Edward to»y change its location

Fee for proteat, only one on same day

By whom paid

lHony, connterfeiting, &c., the national onrrenoy

RraiJVufionalBanfco/dBnojtoli* may change its location i

Firtt Katiofial Bank of Dtlhi may change itslocation .„

Finf National Bank iff Fort Sniilh may change its location

Fint National Bank of Seneca may change its location

Forfeilure of bonds for iailure to redeem eircnlating-notes

Of franchise of association for violation of act, how detennined, &c .

Fargen) of noten of associations, penalty for ....... .......

Fori Edrcard, Farmers' National Bank of, may change its location

Fi>HSmit\, t'irat National Bank of, may change ita location

Franchise, forfeiture of, for violation of act, how determined, &o

fVaudHl«((act9of aseociationBTold

Furniture, &.C., of Bnrean, how provided

Gold hinJ!;* antborized

Denominations of notes of

Maximum amount of circulation for each aBSOciation ..

Notes of, to be received by other gold banks

Eeaerve required for circalationof

To what provisioQB of national cnrrenoy act subject . . .

Sec. Page^

Gold hanlcSf l&wfal monej iBj how conetTued ^ 5 39

Guardians holding stock not personally liable 63 29

If.

Hypothecation of circulation unlawful 37 19

Jncome, tax upon, provisions relating to 15 48

Returns of, to assessors , 9 47

Returns of, to assessors ...., 16 49

Jncrea«e of capital stock, bow made 13 9

Of capital stock, when may be required 16 11

Indebtedness of associations for money borrowed 29 16

Of associations, limitation of 36 19

Individual liahility of stockholders 12 9

Injunction of Comptroller and Receiver in case of bank under protest 50 25

Of Comptroller, proceedings in, must be in United States court 57 27

Insolvent hankSy acts of, prejudicial to creditors, void 52 25

Instalments of capital stock paid in 14 10

Interest on bonds deposited for circulation, how paid 26 14

Rate of, on loans or discounts 30 16

On bonds deposited withheld for failure to pay tax on circulatiou, &c. 41 20

On bonds deposited may be withheld for failure to make reports 1 36

Jersey Shore National Bank may change its location 55

JudgmentSy purchase of real estate at sales under ^ 28 15

jurisdiction of courts in suits against associations 57 27

Lawful money reserve, amount required, and where may be held 31 16

Of banks in redemption cities, where held 32 17

Three per cent, certificates may count as part of (bis) . . 34

Two-fifths of, must consist of legal tender money 34

Ofnational gold banks, amount required 4 39

In national gold banks, how construed 5 39

Certificates of 'deposit oi^United States Treasurer may count as part of 41

Leavenworth struck out from list of redemption cities - 41

Liahility of associations for money borrowed, limitation of 29 16

Individual, of stockholders, when enforced 50 25

Liabilities of shareholders in State banks with capital of $5,000,000 12 9

Of association not to exceed capital stock — exceptions 36 19

Of directors for violations of act 53 26

Of executors, administrators, guardians and trustees, defined 63 29

Of banks in liquidation, how reported 41

Lien of United States on assets, if bonds are insufficient to redeem notes. . 47 24

Limitation of loans to one-tenth of capital 29 16

Of indebtedness of association 36 19

itg'Midation, voluntarj', how effected 42 21

Banks going into, to retire their circulating notes 41

Assets and liabilities of banks in, how reported 41

Loans to be made on personal security 8 7

Limited to one-tenth of capital « ^ 29 16

Rate of interest allowed upon 30 16

Prohibited when reserve is deficient 31 16

Upon shares of capital stock forbidden 35 18

On security of United States or national bank notes forbidden 35

Sec. Page.

Losses, restrictions as to dividends in case of 38 19

Lost circulating notes, how replaced 24 14

Malfeasance of directors .• 53 26

Manufacturers^ National Bank of New York may change its location 53

Misdemeanor in unlawfully delivering circulating notes to associations, &c. 27 15

Of officers and agents of associations 55 26

Of officers and agents of associations, (construction of section 55) 37

Of persons aiding bank officers in embezzlement, &c 37

Money, uncurrent, associations forbidden to pay out 39 19

Monthly reports, associations to furnish 34 18

Mortgage, possession of real estate under, how long may be held 28 15

Mutilated notes, how Teylsiced - 24 14

Burning of, by Treasurer, prescribed 43 22

Mutilation of notes, &c., of associations, penalty for 58 27

Name of association to be approved by Comptroller 6 6

Of converted State bank 44 22

Change of, when to be made 62 29

Names, residences, &c., of stockholders, list of 40 19

New Orleans, City National Bank of, may change its name 53

New York, Manufacturers' National Bank of, may change its location 53

Notary public, protest of notes by 46 23

Non-resident shareholders, tax upon shares of, and construction of section 41, 35

Notes, compound-interest, retiring of (bis).. 34

Notes of banks, (See Circulation.)

Notes of towns, cities, or municipal corporations, tax upon when paid out . 2 34

Of United States or national bank, loans upon forbidden 35

Of United States, certificates of deposit for, may count as reserve 2 42

Notice to Comptroller of bank going into liquidation 42 21

To holders of notes of association under protest 47 24

To association of appointment of special agent 47 23

To association under protest, of sale of bonds 48 24

To creditors of closed associations 50 25

Oath of directors upon election or appointment 9 8

Of president or cashier to verify reports 34 18

Of president or cashier to verify reports 1 36

Oathi of directors and officers before receiving certificate of authority 17 11

Officers of associations, appointment of 8 7

Oaths of, before receiving certificate of authority 17 11

Violation of currency act by, penalty for 53 26 '

Misdemeanor of, penalty for 55 26

Misdemeanor of, (construction of section 55) 37

Persons aiding or abetting, in misdemeanor, penalty for 37

Forbidden to loan money on United States notes 35

Misdemeanor of, in unlawfully certifying checks 36

Officers of Government, misdemeanor of, in delivering circulation unlawfully 27 15

Sec. Page.

Organization certificate^ how m ade and what to contain 6 6

Of converted State banks 44 22

Paper similar to national currency paper^ penalty for having 60 28

Penalty for unlawfully delivering circulating notes 27 15

For usury 30 16

For failure to make reports to Comptroller 34 18

For failure to make reports to Comptroller (bis).. 36

For failure to report average circulation, &c ..•.•^. 41 20

For malfeasance of directors 53 26

For misdemeanor by officers of association 55 26

For misdemeanor by bank officers, (construction of section 55) 37

For aiding or abetting misdemeanor 37

For mutilating notes, &c., of associations 58 27

For counterfeiting, &.C., notes of associations 59 27

For counterfeiting plates, &c., or unlawfully having bank note paper 60 28

For loaning money on security of United States or national bank notes 35

For unlawfully certifying checks 37

Pla^e of J)u8ine88f usual business must be done there 8 8

Plates and dies, where deposited 3 6

To be procured by Comptroller 22 13

Custody and expense of 41 20

Penalty for counterfeiting, &c 60 28

Plattsburgh^ Second National Bank of, may change its name 3 54

Pledge of circulation to pay in or increase capital stock, forbidden ? 37 19

Post-notes to circulate as money, issue of, forbidden '. 23 13

JPotcers of associations 8 7

Preferred creditors, only holders of circulating notes can be 52 26

President, appointment of 8 7

Must be a director 9 8

Cannot act as proxy 11 9

To notify Comptroller of increase or reduction of capital 13 9

To certify instalments of capital paid in 14 10

Oath of, before receiving certificate of authority 17 11

To sign memorandum on bonds transferred 19 12

Must sign circulating-notes, (if vice-president does not) 23 13

To examine and certify to bonds deposited 25 14

To make reports of condition of association 34 18

To make reports of condition and of dividends and earnings....- .... 36

To keep and make return of list of shareholders 40 19

To make return to Treasurer of circulation, deposits and capital 41 20

To certify notice of liquidation to Comptroller 42 21

Of redeeming bank may waive protest 46 23

Cannot be bank examiner 54 26

May be examined on oath by examiner 54 26

Misdemeanor of, penalty for 55 26

Misdemeanor of, (construction of section 55) 37

Forbidden to loan money on security of United States notes 35

Forbidden to certify checks unlawfully 36

To make returns to assessor of net profits, &c 121 45

To make returns to assessor of net profits, &o 9 47

To make returns to assessor of net profits, &c 16 49

Printer, Public, to print annual report of Comptroller 61 28

Profits, disposition of, in dividends and surplus fund - 33 18

Sec. Page.

Pro/te, returns of, to Comptroller 2 36

Tax upon and returns of, to assessor 121 45

Tax upon and returns of, to assessor 9 47

, Tax upon, provisions relating to 15 48

Tax upon, when to cease , 17 49

Returns of, to assessor 16 49

Protest of circulating notes, proceedings relative to 46 23

Associations under, to suspend business 46 23

Fee for, only one on the same day 46 23

Fees for, by whom paid 51 25

Duty of Comptroller upon receiving notice of 47 23

Bonds of association under, may be sold at auction 48 24

Associations under, may enjoin Comptroller 50 25

Primes of shareholders 11 9

Public Printer to print annual report of Comptroller 61 28

Publication of sale of stock of delinquent shareholders 15 10

Of certificate of authority '.^.. 18 12

Of redeeming agencies, by Comptroller 32 17

Of bank reports, by associations and Comptroller 34 18

Of bank reports, by associations 1 36

Of notice of voluntary liquidation 42 21

Of notice to creditors of closed associations 50 25

Purchase of real estate, how restricted 28 15

Of bills of exchange, when not usury 30 16

Of shares of capital stock, how restricted 35 18

Qualifications of Comptroller and Deputy Comptroller 1 5

Of president and directors 9 8

Of bank examiners 54 26

Bate of interest on loans and discounts prescribed 30 16

Batio of circulation to bonds deposited 21 12

Of circulation to bonds and capital , : 21 33

Beal estate, when and to what extent may be held 28 15

Taxation of, by State authority 41 21

Receiver appointed for deficiency in special surplus 12 9

Appointed when capital stock is below minimum 15 10

Appointed on failure to make reserve good 31 17

Appointed on failure to select redeeming agent or redeem notes 32 17

Appointed for failure to sell capital stock held 35 18

Appointment and duties of, when bank fails to redeem notes 50 24

Appointment of, for certifying checks unlawfully 36

Expenses of, how paid 51 25

£ed^eem ^Aeirnote^ if association fail to, bow protested 46 23

If associations fail to, special agent appointed 47 23

Bedeniption at par of circulating notes, where to be made 32 17

Of notes of liquidating banks by Treasurer 42 21

Of notes of liquidating banks by Treasurer 43 21

Redemption agencies, provisions relating to. 32 17

Redemption cities, list of, and provisions as to reserve in 31 16

Reduction oi QB.'^itsl stock, how made 13 10

Of capital stock upon return of circulation 16 11

Of capital in form of dividends, &c., prohibited 38 19

Removal of banks from States having an excess of circnlation

BeporU of associations to Comptroller, regulations concerning

Of condition, and of dividends and earnings

Of names, residences, &c., of shareholders

Of circnlation, deposits, and capital

Of bank examiners

Of Comptroller to Congress -

Beserve, amount required and where held

Of banks in redemption cities, where held

Three per cent, certificates may count as part of.u •- (bis) .

Two-fifths of, must consist of legal tender money

Of national gold bapks

Certificates of deposit of U. S. Treasurer may count as part of

Be^ponsibilUy of shareholders

Beturn of dividends and profits, to assessor ,

Of'dividends and profits, to assessor ,

Of dividends and profits, to assessor ,

Bights of creditors of association not to be impaired

Of association, when forfeited and how determined

Booms for Currency Bureau

Sale of stock of delinquent shareholders

Of bills of exchange, when not usury

Of stock held by association

Of bonds of association under protest, at auction

Of bonds of association under protest, at private sale ,

Of assets of association, by Receiver

Seal of office

Second National Bank of Plattshurgh may change its name

Security for loanSj to be personal

Shares of capital stock not to be taken as ;

Seneca, First National Bank of, may change its location

Shareholders may fix day of election, when

Votes of .• -.-

Eights, liabilities, and responsibility of .'\

May reduce capital stock •

Delinquent, proceedings with

List of, requirements relative to •

May vote to go into liquidation

Individual liability of, when enforced

Non-resident, State taxation of, (construction of section 41)

Shares of stocky each director must own ten

Value and transfer of

To be deemed personal property

Loans upon, or purchase of, restricted

Taxation of, by State authority

Taxation of, by State authority, (construction of section 41)

Of State banks, same after conversion as before

Solicitor of Treasury to supervise suits under this act •

South DanverSf Warren National Bank of, may change its name

Special agent appointed if association fails to redeem its notes

Special commission may examine bank before certificate is granted

Special surplus in banks of $5,000,000 capital

Special tax on capital of associations •

Spurious circulating notes, penalty for passing, &c •

Sec. Page.

121

•

Sec. Page.

StampduUeSj except on bank checks^ repealed 36 50

State hanks with capital of $5)000,000, special surplus of 12 9

Conversion of, and proceedings necessary 44 22

Conversion of, and of branches 7 46

Shares of stock in, same after conversion as before ..^ 44 22

May hold stock in other banks, when 44 22

Minimum capital of • 44 22

Capital of, after conversion 9 47

State bank notes, (See Circulating notes.)

State taxation of associations 41 21

Of associations, (construction of section 41) 35

Stock of delinquent shareholders, disposition of 15 10

In other banks, when may be held by State banks 44 22

Suits under this act, by whom conducted and supervised 56 27

Against associations, jurisdiction in 57 27

For recovery of taxes erroneously assessed 44 50

Surplus, special^ in banks of $5,000,000 capital 12 9

Surplus fund to be established, how 33 18

Surrender oihonA^ deposited for circulation 26 15

1^ on circulation, deposits and capital, provisions relating to 41 20

On notes of town, city, or municipal corporation paid out 2 34

On notes of State banks paid out 6 45

On notes of State banks paid out 9 47

Special, on capital 9 46

On dividends and profits and returns of, to assessor 121 45

On dividends and profits and returns of, to assessor 9 47

On dividends and profits and returns of, to assessor 16 49

On dividends and profits, when to cease 17 49

On circulation of converted State bank, national association held for 9 48

On interest or coupons paid, and on dividends, income, &c 15 48

On bank checks, (stamp duty) : 36 50

Erroneously assessed, suit for recovery of 44 50

Taxation hy State authority, of shares of associations 41 21

Of shares of associations, (construction of section 41) 35

Teller, misdemeanor of, penalty for 55 26

Misdemeanor of, (construction of section 55) 37

Term o/ emtence of national associations 8 7

Threeper cent certificates, issue of authorized 33

Additional amount authorized 34

May count as part of lawful-money reserve 34

When and how retired 2 38

Transfer of capital stock 12 9

Of bonds to and by Treasurer 19 12

Of bonds, recording and countersigning of 20 12

2Vea«urer o/ ZZnited /$tofe«, bonds to be. deposited with 16 10

Transfer of bonds to and by 19 12

To have access to books of Comptroller 20 12

To appoint witness to burning of mutilated notes 24 14

Exchange or withdrawal of bonds deposited with 26 14

Tax on capital, circulation and deposits to be paid to 41 20

To sorreuder bonds of liquidating banks, when 42 21

Sec.

Page.

Tr€€i8urer of United States, to redeem notes of liquidating banks

To receipt for lawful money received from liquidating banks

To burn redeemed notes of liquidating banks

To hold bonds of depositaries of public money

To redeem circulating notes of closed banks

Collections by receiver to be paid to

Trustees holding stock not personally liable

Uncarrent money , associations forbidden to pay out 39 19

United States honds. (See Bonds.)

United States Treasurer, (See Treasurer.)

Usury, provisions relating to 30 16

Va.ca7icy in board of directors, how occasioned and filled 10 8

Vaults, fire-proof, to be provided for Bureau 3 6

Vice-president, appointment of 8 7

May sign circulating notes 23 13

Violations of act to work forfeiture of corporate rights 53 26

Void, acts of insolvent banks prejudicial to creditors 52 25

Votes of shareholders 11 9

Warren National Bank of South Danvers may change its name 57

Worcester County National Bank of Blackstone may change its location 56

Worthington National Bank of Cooperstown may change its location . . , i 57

Withdrawal of capital in form of dividends, &c., prohibited 38 19

Wound up, when associations may be. (See Receiver.)

6n c

Internet Archive Audio

Featured

Top

Images

Featured

Top

Software

Featured

Top

Texts

Featured

Top

Video

Featured

Top

Mobile Apps

Browser Extensions

Archive-It Subscription

Save Page Now

Full text of "The National Currency Act: With Ammendments, and the Laws Relating to Taxation of National Banks ..."

See other formats